Current Status Introducing Body:House Bill Number:3388 Primary Sponsor:Rudnick Committee Number:30 Type of Legislation:GB Subject:Property tax exemption, legal residence Residing Body:House Current Committee:Ways and Means Computer Document Number:3388 Introduced Date:Jan 31, 1991 Last History Body:House Last History Date:Jan 31, 1991 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Rudnick Scott Whipper Waldrop Glover McBride Neilson Manly Vaughn Barber Type of Legislation:General Bill
Bill Body Date Action Description CMN
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3388 House Jan 31, 1991 Introduced, read first time, 30
referred to Committee
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TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT AN AMOUNT OF FAIR MARKET VALUE OF A LEGAL RESIDENCE SUFFICIENT TO LIMIT ONE-YEAR INCREASES IN TOTAL PROPERTY TAXES ON THE PROPERTY TO FIVE PERCENT AND TO PROVIDE EXCEPTIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220B of the 1976 Code, as amended, is further amended by adding an appropriately numbered item to read:
"( ) An amount of the fair market value of real property qualifying as a legal residence under Section 12-43-220(c) sufficient to provide a five percent a year limit on increases in the total property tax due on the property. This exemption does not apply to increases attributable to improvements."
SECTION 2. Upon approval by the Governor, this act is effective with respect to tax years beginning after 1990.