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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.

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Article Courtesy of the Island Packet

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