Reference is to the bill as introduced.
Amend the bill, as and if amended, by striking all after the enacting words and inserting:
/ SECTION 1. Section 12-43-220(c) of the 1976 Code, as last amended by Act 76 of 2009, is further amended by adding an appropriately numbered subitem at the end to read:
Notwithstanding any other provision of law, a taxpayer
meeting all the other requirements of this subsection, may claim
the four percent assessment ratio for two residential properties
located in the State so long as the taxpayer attempts to sell
the first acquired residence within thirty days of acquiring the
second residence. The taxpayer must continue to attempt to sell
the first acquired residence in any year in which four percent
assessment ratio is claimed. Also, the first acquired residence
must remain vacant and unused.
(ii) The four percent assessment ratio may not be claimed on both residences for more than one property tax year.
(iii) This subitem does not apply unless the owner of the properties or the owner's agent applies for the four percent assessment ratio on both residences before the first penalty date for the payment of taxes for the tax year for which the owner first claims eligibility for this assessment ratio. The burden of proof for eligibility for the four percent assessment ratio on both residences is on the taxpayer. The taxpayer must provide the proof the assessor requires, including, but not limited to, a copy of the owner's most recently filed South Carolina individual income tax return, copies of South Carolina motor vehicle registrations for all motor vehicles registered in the name of the owner, and other proof required by the assessor necessary to determine eligibility for the assessment ratio allowed by this subitem.
(iv) The special four percent assessment ratio allowed by this subitem must be construed as a property tax exemption for an amount of the fair market value of the residence sufficient to equal a four percent assessment ratio and other exemptions allowed applicable to property qualifying for the special assessment ratio."
SECTION 2. This act takes effect upon approval by the Governor and applies for property tax years beginning after 2011./
Renumber sections to conform.
Amend title to conform.