View Amendment Current Amendment: 12432DG12.docx to Bill 3934     Senator GROOMS proposed the following amendment (NBD\12432DG12):
    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)(i)     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.
            (ii)     Notwithstanding subitem (i), for ownership interests in residential property created by deed if the interest in the property has not already transferred by operation of law, an applicant may qualify for the four percent assessment ratio on the entire value of the property if the applicant:
                (A)     owns at least a twenty-five percent interest in the subject property with immediate family members;
                (B)     is not a member of a household currently receiving the four percent assessment ratio on another property; and
                (C)     otherwise qualifies for the four percent assessment ratio.
    For purposes of this subitem 'immediate family member' means a parent, child, or sibling."         /

    Renumber sections to conform.
    Amend title to conform.