Back in 2007, the state of S.C. passed a tax law (Act 388) which was meant to provide relief for residential property owners who felt taxes were too high. (The rent is too damn high. Anyone?)
However, once passed commercial property, industrial property, and rental property did not get the same tax break.
🏠 At the time, taxes on rental property were as much as 50% higher than those that were owner-occupied.
🏠 Now, that ratio has increased significantly and has been found to be upwards of 300 – 400%.
🏠 An owner that occupies a $200K home in Greenville County is paying roughly $900 in taxes where an owner that rents that same home is paying somewhere in the ballpark of $3,000.
Rep. Chandra Dillard, a member of the legislative committee studying tax reform (created last year), said she believes the higher tax burden on rental homes is decreasing the supply of affordable housing by discouraging investors from renovating and renting out older homes.
Currently, it doesn’t look like any changes will be made in the near future, but if you’re a renter and have feedback on the subject, let us know.
Read more on Greenville Journal.
