View Amendment Current Amendment: 3934R001.LKG.docx to Bill 3934     Senator GROOMS proposed the following amendment (3934R001.LKG):
    Amend the bill, as and if amended, by striking item (8) of Section 12-43-220(c) found in SECTION 3 B and inserting:
/     "(8)(a)     For ownership interests in residential property created by deed if the interest in the property has not already transferred by operation of law, when the individual claiming the special four percent assessment ratio allowed by this item has an ownership interest in the residence that is less than fifty percent ownership in fee simple, then the value of the residence allowed the special four percent assessment ratio is a percentage of that value equal to the individual's ownership interest in the residence, but not less than the amount provided pursuant to subitem (4) of this item. This subitem (8) does not apply in the case of a residence otherwise eligible for the special four percent assessment ratio when occupied jointly by a married couple or which remains occupied by a spouse legally separated from a spouse who has abandoned the residence. If the special four percent assessment ratio allowed by this item applies to only a fraction of the value of residence, then the exemption allowed pursuant to Section 12-37-220(B)(47) applies only to value attributable to the taxpayer's ownership interest.
        (b)     Notwithstanding item (a), for ownership interests in residential property created by deed if the interest in the property has not already transferred by operation of law, an occupant may claim the full special four percent assessment ratio allowed by this item if the occupant shares an ownership interest in the residence with immediate family members and the occupant does not claim the four percent assessment ratio on another property."                 /
    Renumber sections to conform.
    Amend title to conform.