SC: Real Estate Market Improving, But Changes Needed

Nick Kremydas with the South Carolina Association of Realtors, says the state’s current tax structure is hindering growth. But the future in the real estate market still has a bright side.

Kremydas, the association’s chief executive officer, spoke at the Anderson Area Chamber of Commerce’s Toast and Topics breakfast Thursday about the real estate industry across the state. Because of South Carolina’s four different tax rates and 10 different tax classifications, there is not an incentive but a disincentive to do business in the state, he said.

“A large company can come in and negotiate fee in lieu of taxes arrangements,” he said. “But a local restaurant can’t. I have a friend who owns several Zaxby’s franchises. He’s told me that because of Act 388 and Point of Sale tax policies, he’ll never open another restaurant in South Carolina.” Kremydas said the state’s tax structure also discourages people from improving their properties.

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