Change to property tax law stimulates some real estate deals

Large commercial real estate deals are already benefiting from changes to South Carolina’s property tax laws approved in 2011, while the impact on second-home sales has been limited.

“The projects that we have on the drawing board wouldn’t be on the drawing board” if the law hadn’t changed, said John Darby, president of The Beach Co., which has several large projects under way.

The tax changes created an exemption for commercial properties, a category that includes second homes, that greatly reduces property tax increases that can kick in when properties change hands.

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