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South Carolina Governor Looks to Boost Real Estate Market Through Tax Law

South Carolina Governor Looks to Boost Real Estate Market Through Tax Law
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With the real estate market across the nation in shambles, South Carolina’s governor has decided to take action to give his state a boost. Governor Nikki Haley is looking to change a tax law in the state in such a manner that it will promote increases in both the ownership of second homes, as well as overall business activity.

The provisions in the changed law essentially eliminate the requirement for businesses and owners of property to pay taxes on the sales price of the property. Those that fall under that category would instead pay a reduced rate that would be at approximately the current tax value.

Haley has also said that the planned change will not be the only one to happen in the state. She is hoping to enact a few more that will help bolster her state’s real estate market. The general public, as well as real estate agents, are strongly supporting the change in the tax law, as the previous law was considered to be the cause of decline in real estate sales. The previous bill had caused tremendously high tax bills after a home had been sold.

With higher tax bills coming after a house was sold, housing prices skyrocketed, making property in South Carolina far more expensive than it would be in other states. Thus, buyers were less inclined to buy, which caused a depression in the market. The new law change will help to eliminate any such taxes following a sale, allowing home prices to come down to normal levels.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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