H 3188 Session 111 (1995-1996)
H 3188 General Bill, By P.B. Harris, J.M. Baxley, J. Brown, Cotty, Inabinett,
Jennings, Kelley, Neilson, Rhoad, J.S. Shissias, D.C. Waldrop and
Young-Brickell
Similar(S 352)
A Bill to amend the Code of Laws of South Carolina, 1976, by adding Section
12-37-257, so as to exempt from property tax that amount of fair market value
of residential property qualifying for the homestead exemption which
represents increases in the fair market value of the property occurring after
the property first qualifies for the homestead exemption, to provide an
exception, and to provide for reimbursement to taxing entities for taxes not
collected as a result of this exemption.
01/10/95 House Introduced and read first time HJ-73
01/10/95 House Referred to Committee on Ways and Means HJ-73
A BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA,
1976, BY ADDING SECTION 12-37-257, SO AS TO EXEMPT
FROM PROPERTY TAX THAT AMOUNT OF FAIR MARKET
VALUE OF RESIDENTIAL PROPERTY QUALIFYING FOR
THE HOMESTEAD EXEMPTION WHICH REPRESENTS
INCREASES IN THE FAIR MARKET VALUE OF THE
PROPERTY OCCURRING AFTER THE PROPERTY FIRST
QUALIFIES FOR THE HOMESTEAD EXEMPTION, TO
PROVIDE AN EXCEPTION, AND TO PROVIDE FOR
REIMBURSEMENT TO TAXING ENTITIES FOR TAXES NOT
COLLECTED AS A RESULT OF THIS EXEMPTION.
Be it enacted by the General Assembly of the State of South
Carolina:
SECTION 1. Article 3, Chapter 37, Title 12 of the 1976 Code
is amended by adding:
"Section 12-37-257. (A) In addition to the exemption
amount allowed for the homestead exemption pursuant to Section
12-37-250, an additional amount of fair market value of property
qualifying for the homestead exemption equal to increases in fair
market value occurring after the later of 1994 or the year after the
property first qualifies for the homestead exemption is exempt from
ad valorem taxation. This exemption does not extend to increases
in fair market value attributable to permanent improvements made
to the property after the property qualifies for the homestead
exemption but this exemption does extend to increases in fair
market value attributable to routine maintenance performed on the
property.
(B) The reimbursement provisions of Section 12-37-270 apply
for the exemption allowed by this section in the same manner that
reimbursements are made pursuant to that section for the homestead
exemption."
SECTION 2. This act takes effect upon approval by the
Governor and applies for tax years beginning after 1994 and fair
market value increases occurring after 1994.
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