H 3571 General Bill, By Littlejohn

Similar(S 486)
 A Bill to amend Section 12-43-305, as amended, Code of Laws of South Carolina,
 1976, relating to payment of property taxes under appeal and interest on
 underpayments and overpayments, so as to reduce the monthly interest rate on
 overpayments and underpayments from one percent a month to sixty-seven
 hundredths of a percent a month and to authorize a taxpayer due a refund to
 waive the receipt of interest.

   02/09/95  House  Introduced and read first time HJ-27
   02/09/95  House  Referred to Committee on Ways and Means HJ-27

A BILL

TO AMEND SECTION 12-43-305, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PAYMENT OF PROPERTY TAXES UNDER APPEAL AND INTEREST ON UNDERPAYMENTS AND OVERPAYMENTS, SO AS TO REDUCE THE MONTHLY INTEREST RATE ON OVERPAYMENTS AND UNDERPAYMENTS FROM ONE PERCENT A MONTH TO SIXTY-SEVEN HUNDREDTHS OF A PERCENT A MONTH AND TO AUTHORIZE A TAXPAYER DUE A REFUND TO WAIVE THE RECEIPT OF INTEREST.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 12-43-305 of the 1976 Code, as last amended by Act 181 of 1993, is further amended to read:

"Section 12-43-305. (A) Upon receipt of written notice of appeal of a property valuation and if it is reasonably expected that the appeal may delay the assessment of the property beyond December thirty-first of the tax year, the assessing officer shall prepare immediately an assessment for the property under appeal based upon eighty percent of the assessed value of the property for the current year. The Department of Revenue and Taxation shall notify the auditor of the property under the jurisdiction of the department which is under appeal. The auditor shall adjust the assessment of property under appeal to eighty percent of the assessed value or any valuation greater than eighty percent agreed to in writing by the taxpayer and enter the adjusted assessment on the tax duplicate and the tax must be paid as in other cases.

(B) After final review of the appeal, if the valuation is greater than the value of the assessment set by the assessing official in accordance with this section, an assessment must be made and entered based on the difference between the value of the assessment determined by this section and the value settled by the appeal.

(C) If the valuation is less than that set as provided in this section, the assessment of the current year must be reduced by the cumulative difference between the assessment as entered and that determined by final review. The tax paid on the difference between the assessment as entered and that determined after final review must be refunded together with interest at the rate of sixty-seven hundredths of one percent a month on the amount of the overpayment.

(D) Interest at the rate of one percent provided in subsection (C) must be added for each month the tax was unpaid because of the appeal and collected in the same manner as the tax. If the valuation of more than five percent of the parcels of real property in a county is appealed as a result of a reassessment and equalization program, no interest is due on refunds or underpayments for any month the valuation remains under appeal beginning after June thirtieth of the year succeeding the reassessment year.

(E) A taxpayer due a refund pursuant to subsection (C) may in writing waive his right to receive interest on the overpayment."

SECTION 2. Upon approval by the Governor, this act is effective for property tax appeals first filed after June 30, 1995. However, Section 12-43-305(E) of the 1976 Code as amended by this act takes effect upon approval by the Governor.