H 3621 Session 111 (1995-1996)
H 3621 General Bill, By Boan, J.L. Harris, Keegan, Kennedy and D.E. McTeer
Similar(S 518)
A Bill to amend Section 12-43-220, as amended, Code of Laws of South Carolina,
1976, relating to classification of property and assessment ratios for
purposes of the property tax, so as to reduce the assessment ratio on
manufacturing and utility property from ten and one-half percent to nine
percent in one-half percent increments beginning in tax year 1996 and to make
this amendment contingent on a favorable vote in a statewide referendum on the
question of increasing the sales, use, and casual excise tax to take effect
July 1, 1996, with the additional revenue used for property tax relief.
02/16/95 House Introduced and read first time HJ-6
02/16/95 House Referred to Committee on Ways and Means HJ-7
A BILL
TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF
LAWS OF SOUTH CAROLINA, 1976, RELATING TO
CLASSIFICATION OF PROPERTY AND ASSESSMENT
RATIOS FOR PURPOSES OF THE PROPERTY TAX, SO AS TO
REDUCE THE ASSESSMENT RATIO ON MANUFACTURING
AND UTILITY PROPERTY FROM TEN AND ONE-HALF
PERCENT TO NINE PERCENT IN ONE-HALF PERCENT
INCREMENTS BEGINNING IN TAX YEAR 1996 AND TO
MAKE THIS AMENDMENT CONTINGENT ON A
FAVORABLE VOTE IN A STATEWIDE REFERENDUM ON
THE QUESTION OF INCREASING THE SALES, USE, AND
CASUAL EXCISE TAX TO TAKE EFFECT JULY 1, 1996,
WITH THE ADDITIONAL REVENUE USED FOR PROPERTY
TAX RELIEF.
Be it enacted by the General Assembly of the State of South
Carolina:
SECTION 1. The first paragraph of Section 12-43-220(a) of the
1976 Code is amended to read:
"All real and personal property owned by or leased to
manufacturers and utilities and used by the manufacturer or utility
in the conduct of the business must be taxed on an assessment equal
to ten and one-half the percent of the fair market
value of the property provided in the following schedule:
Property Tax Year Assessment Ratio
Before 1996 10.5
1996 10.0
19979.5
After 19979.0."
SECTION 2. This act takes effect only upon the certification to
the Code Commissioner of a favorable vote in a statewide
referendum on the question of raising the sales, use, and casual
excise tax to take effect July 1, 1996, with the additional revenues
used for property tax relief.
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