S 544 Session 112 (1997-1998)
S 0544 General Bill, By Wilson
A BILL TO AMEND SECTION 12-43-220(C)(1), AS AMENDED, CODE OF LAWS OF SOUTH
CAROLINA, 1976, RELATING TO THE FOUR PERCENT ASSESSMENT RATIO FOR PROPERTY
TAXATION OF LEGAL RESIDENCES, SO AS TO INCLUDE ADDITIONAL DWELLINGS OCCUPIED
BY IMMEDIATE FAMILY MEMBERS.
03/18/97 Senate Introduced and read first time SJ-4
03/18/97 Senate Referred to Committee on Finance SJ-4
A BILL
TO AMEND SECTION 12-43-220(c)(1), AS AMENDED, CODE
OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE
FOUR PERCENT ASSESSMENT RATIO FOR PROPERTY
TAXATION OF LEGAL RESIDENCES, SO AS TO INCLUDE
ADDITIONAL DWELLINGS OCCUPIED BY IMMEDIATE
FAMILY MEMBERS.
Be it enacted by the General Assembly of the State of South
Carolina:
SECTION 1. Section 12-43-220(c)(1) of the 1976 Code, as last
amended by Act 431 of 1996, is further amended to read:
"(1) The legal residence and not more than five acres contiguous
thereto, when owned totally or in part in fee or by life estate and
occupied by the owner of the interest, and additional dwellings
located on the same property and occupied by immediate family
members of the owner of the interest, are is taxed on an
assessment equal to four percent of the fair market value of the
property. If residential real property is held in trust and the income
beneficiary of the trust occupies the property as a residence, then the
assessment ratio allowed by this item applies if the trustee certifies to
the assessor that the property is occupied as a residence by the
income beneficiary of the trust. When the legal residence is located
on leased or rented property and the residence is owned and occupied
by the owner of a residence on leased property, even though at the
end of the lease period the lessor becomes the owner of the residence,
the assessment for the residence is at the same ratio as provided in
this item. If the lessee of property upon which he has located his
legal residence is liable for taxes on the leased property, then the
property upon which he is liable for taxes, not to exceed five acres
contiguous to his legal residence, must be assessed at the same ratio
provided in this item. If this property has located on it any rented
mobile homes or residences which are rented or any business for
profit, this four percent value does not apply to those businesses or
rental properties. For purposes of the assessment ratio allowed
pursuant to this item, a residence does not qualify as a legal residence
unless the residence is determined to be the domicile of the
owner-applicant. A taxpayer may receive the four percent
assessment ratio on only one residence for a tax year."
SECTION 2. This act takes effect for property tax years beginning
after 1997.
-----XX----- |