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    New Tax Law for Property-Tax Rates

    A new state law will allow owners to rent their properties for 72 days each year, while still paying the 4% property-tax rate.  Previously, home owners who rented their properties out more than 14 days, were bumped into the 6% property-tax rate.

    There are some concerns over what this new law will mean to the local government revenue, specifically to school district revenues, as the current 4% tax rate does not contribute towards school operations. Governor Haley believes the new law will likely help those already paying the 4% property-tax rate, by allowing them to generate additional rental income to help cover the cost of home ownership.

    For additional information and the full article, please visit here.

    Article Courtesy of the Island Packet

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