Senate votes fall short on property tax bill

After gaining some momentum, the plan to stimulate commercial real estate sales in the state of South Carolina with property tax breaks hit a major snare yesterday when it fell short of receiving enough votes for approval by the Senate.

Read about it at The Post and Courier.

The bill aims to change the current situation where when a commercial or second-home property home is sold there can be a sizable tax hike as the property becomes reassessed at its full value -- a situation that was created in 2006 when South Carolina's Legislature moved to insulate primary home sales. 

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