H 3911 Session 112 (1997-1998)
H 3911 General Bill, By Seithel, Altman, Breeland, A.W. Byrd, Campsen, Chellis,
Dantzler, Harrell, Hinson, Inabinett, Limehouse, Lloyd, Whatley and
Young-Brickell
A BILL TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
1976, RELATING TO CLASSIFICATION OF RESIDENTIAL PROPERTY AND ASSESSMENT
RATIOS, SO AS TO INCLUDE A RESIDENCE OWNED AND OCCUPIED PURSUANT TO A CONTRACT
OF SALE.
04/10/97 House Introduced and read first time HJ-69
04/10/97 House Referred to Committee on Ways and Means HJ-69
A BILL
TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF
LAWS OF SOUTH CAROLINA, 1976, RELATING TO
CLASSIFICATION OF RESIDENTIAL PROPERTY AND
ASSESSMENT RATIOS, SO AS TO INCLUDE A RESIDENCE
OWNED AND OCCUPIED PURSUANT TO A CONTRACT OF
SALE.
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
or under a contract of sale, for which part of the purchase price
has been paid and possession taken, and occupied by the owner
of the interest, 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 upon approval by the Governor.
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