Governor Nikki Haley signed S.B.437 on June 9. The legislation helps homeowners who rent out their primary residences part-time allowing them to keep their 4% assessment rate for owner occupied primary residence.  The new law will now allow for home owners to rent their homes for up to 72 days and still qualify for their 4% assessment rate. Prior to this bill homeowners would lose their 4% assessment rate if they rented out their property for more than 15 days in one calendar year. This bill is geared towards homeowners along the coast and on islands, however it is not limited to them so homeowners inland can benefit as well.

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