SC House OKs bill that will fix property tax law

COLUMBIA, S.C. (AP) _ A South Carolina lawmaker says a proposal to delay a property tax increase for real estate purchases will help the slumping housing market and keep large construction projects from going to other states.

Republican Representative Bill Cotty says thousands of real estate contracts in South Carolina have fallen through as an unintended consequence of the property tax law approved two years ago.

Under the law, increases in property values are capped for tax purposes. But they automatically jump to market value when property is bought or extensively renovated.

The House unanimously approved a bill Wednesday that would delay the property value jump until the county's next reassessment. By law, counties reassess home values every five years.

The measure requires another routine vote before going to the Senate.