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Cut in property taxes in SC will bolster Home Construction in York County

The housing construction boom just over the state line in South Carolina will likely get a boost from the state's property-tax reform. The initiative cuts property taxes across the board but delivers the biggest benefits to owners of the most expensive homes.

State officials are still calculating just how the new law will affect homeowners in each county. But preliminary figures suggest the owner of a $100,000 home in Lancaster County will get only $17 knocked off his property tax bill, or about a 4% reduction, while taxes on a $300,000 home would fall to $1,221 from $2,148, a 43% drop, according to County Administrator Steve Willis.

There will be a tremendous tax advantage versus Mecklenburg County or even Union county, especially for retirees 65 and older who get additional tax breaks.

More here : http://www.bizjournals.com/charlotte/stories/2007/07/30/focus5.html

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Published Saturday, August 04, 2007 6:34 PM by Angie Adams NC/SC REALTOR® Broker

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