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SC developers see effect of real estate tax change


South Carolina property developers say they're increasing construction activity thanks to a tax break that critics say will take more money away from local governments and schools.


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The Post and Courier of Charleston reports that developers credit the property tax change approved last year with getting new commercial real estate deals off the groundThe change greatly reduced for commercial properties and vacation homes thtax increases that hit when properties change hands. The impact on second-home sales has been limited so far. John Darby says the tax break removes an obstacle that kept developers like him from getting financing for a construction projectHe's president of The Beach Co., which broke ground last week on a $40 million Mount Pleasant project of new shops and 325 apartments. Print this article Back to Top A Share A A A Share Article Subscribe to the Independent Mail Ready to subscribe to the Independent Mail? Choose between a Premium or Digital subscription below. 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