Point of Sale of Property bill H.3272

The House yesterday passed a bill disigned to spur property sales in South Carolina. The following is a brief point by point explanation of this bill. • Under current law once a parcel undergoes an Assessable Transfer of Interest (ATI) or more plainly, a transfer of ownership, the assessed value of that parcel will be adjusted (likely increased) in the tax year immediately following the ATI or transfer to reflect the new value of the parcel.

• Under the Bill as amended today this increase will still occur, however not until the time of the next county-wide reassessment. Therefore eliminating the increase in the very next tax year.

• All parcels that do not have an ATI or transfer of ownership will still have their assessed values capped at 15% during the county’s standard 5-year reassessment cycle.

• New construction will first be assessed at fair market value.

• The language is not retroactive.