Bill 686

                    Current Status

Bill Number:               686
Ratification Number:       360
Act Number                 332
Introducing Body:          Senate
Subject:                   Property to be classified as residential
                           and assessed at four percent

(A332, R360, S686)

AN ACT TO PROVIDE FOR THE CLASSIFICATION OF PROPERTY QUALIFYING FOR THE HOMESTEAD EXEMPTION PURSUANT TO SECTION 12-37-250, CODE OF LAWS OF SOUTH CAROLINA, 1976, (TAXPAYERS SIXTY-FIVE OR OVER, TOTALLY AND PERMANENTLY DISABLED OR LEGALLY BLIND), AS RESIDENTIAL AND THE TAXATION OF SUCH PROPERTY ON AN ASSESSMENT EQUAL TO FOUR PERCENT OF THE PROPERTY'S FAIR MARKET VALUE.

Whereas, the General Assembly finds that some persons who qualify for the homestead exemption fail by reason of misunderstanding to file an application for the residential classification of the homestead. The effect of such is the taxation of the homestead at the six percent ratio rather than the four percent ratio. This act is adopted in order to eliminate this confusion and the resultant higher tax for the elderly, the disabled and the blind. Now, therefore,

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

Property to be classified as residential and assessed at four percent

Section 1. Notwithstanding any other provision of law, property that qualifies for the homestead exemption pursuant to Section 12-37-250 of the 1976 Code shall be classified and taxed as residential on an assessment equal to four percent of such property's fair market value. The county auditor shall notify the county assessor of the property so qualifying and no further application shall be required for such classification and taxation.

Time effective

Section 2. This act upon approval by the Governor shall be effective for the tax year beginning January 1, 1980, and each year thereafter.