Read more: Local, State, Tax Break, South Carolina, Second Home, Rental Property, Commercial Property, Investment Property
(AP) -- COLUMBIA, S.C. (AP) - People with second homes, rental or commercial property will get a tax break under legislation that won approval in the Senate in South Carolina.
Tuesday's voice vote approved a compromise that softens the tax bill for property an owner doesn't live in. Final approval on Wednesday sends the measure back to the House.
Backers said the legislation was needed to invigorate the commercial property market.
For an investment property owner, it means a home they paid $100,000 for and that sells for $200,000 will continue to be taxed at its original $100,000 value. In later years, that property gets a 20 percent discount on its property tax value.
The measure would cost counties and schools $35 million this year.
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