EDISTO BEACH PROPERTY OWNERS ASSOCIATION April 2, 2011 Dear Representative________________________ Edisto Beach is one of the last low key, non-commercial beaches left in this state. We have no high-rise hotels or condos on the beach, in fact, hotels are prohibited by ordinance. We have ordinances limiting building heights to 40’, and heated space of 3,800 sq. ft. There are no multifamily buildings in the town proper, other than a few duplexes. Point of Sale has the potential, in a time of inflated property values such as we have just experienced, to run property taxes up to the point of the new owner by means of a gift or bequest having to sell because of inability to pay the property taxes. For example, a modest beach-front home of 2,000 sq. ft. had the taxes double to $25,000 because of POS reassessment. The event that triggered POS was that the name of a sibling was added to the deed. There was no sale or actual transfer involved. If POS is allowed to continue, only developers putting up hotels or condos will be able to justify paying these taxes brought on by a POS reassessment. This single-family dwelling beach will be lost like all the rest in the state. We don’t want this to happen to Edisto Beach. These POS generated taxes are windfall profits to the counties and municipalities. Act 388 adequately took care of the counties and municipalities by providing for a constitutional amendment allowing increase in assessment of an average of 3% per year. In addition, the counties could raise millage by the percentage increase in population and consumer price index. Why is that not enough to satisfy the counties and municipalities? We urge you to eliminate this burden of Point of Sale on the homeowner and vote for H.3713. Sincerely, David C. Cannon, President
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