H*4699(Rat #0489, Act #0401 of 1996)  General Bill, By Stuart, Harrison and 
Wilkins
 A Bill to amend Section 12-37-251, Code of Laws of South Carolina, 1976,
 relating to the homestead exemption from school operating taxes and rollback
 millage limitations, so as to define "rollback millage".

   03/05/96  House  Introduced and read first time HJ-5
   03/05/96  House  Referred to Committee on Judiciary HJ-5
   03/27/96  House  Committee report: Favorable Judiciary HJ-8
   03/28/96  House  Read second time HJ-68
   03/28/96  House  Unanimous consent for third reading on next
                     legislative day HJ-74
   03/29/96  House  Read third time and sent to Senate HJ-3
   04/02/96  Senate Introduced and read first time SJ-16
   04/02/96  Senate Referred to Committee on Finance SJ-16
   04/24/96  Senate Committee report: Favorable Finance SJ-32
   05/23/96  Senate Read second time SJ-108
   05/23/96  Senate Ordered to third reading with notice of
                     amendments SJ-108
   05/30/96  Senate Read third time and enrolled SJ-91
   05/30/96         Ratified R 489
   06/06/96         Became law without Governor's signature
   06/06/96         Effective date upon approval by the Governor,
                     this Act is effective for property tax years
                     beginning after 1995
   06/18/96         Copies available
   06/18/96         Act No. 401

AN ACT TO AMEND SECTION 12-37-251, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE HOMESTEAD EXEMPTION FROM SCHOOL OPERATING TAXES AND ROLLBACK MILLAGE LIMITATIONS, SO AS TO DEFINE "ROLLBACK MILLAGE".

Rollback millage

SECTION 1. Section 12-37-251(E) of the 1976 Code, as added by Act 145 of 1995, is amended to read:

"(E) In the year of reassessment the millage rate for all real and personal property must not exceed the rollback millage, except that the rollback millage may be increased by the percentage increase in the consumer price index for the year immediately preceding the year of reassessment. Rollback millage is calculated by dividing the prior year property tax revenues by the adjusted total assessed value applicable in the year the values derived from a countywide equalization and reassessment program are implemented. This amount of assessed value must be adjusted by deducting assessments added for property or improvements not previously taxed, for new construction, and for renovation of existing structures."

Time effective

SECTION 2. Upon approval by the Governor, this act is effective for property tax years beginning after 1995.

Became law without the signature of the Governor -- 6/6/96.