Current Status Introducing Body:Senate Bill Number:843 Primary Sponsor:McConnell Committee Number:06 Type of Legislation:GB Subject:Property tax reassessments Residing Body:Senate Current Committee:Finance Computer Document Number:843 Introduced Date:19940111 Last History Body:Senate Last History Date:19940111 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:McConnell Rose O'Dell Greg Smith Giese Lander Passailaigue Reese Washington Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved ____ ______ ____________ ______________________________ ___ ____________ 843 Senate 19940111 Introduced, read first time, 06 referred to Committee 843 Senate 19930913 Prefiled, referred to 06 CommitteeView additional legislative information at the LPITS web site.
TO AMEND CHAPTER 43, TITLE 12, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO NOTICE OF TAX ASSESSMENT INCREASES, BY ADDING SECTION 12-43-300(D), SO AS TO PROVIDE THAT RESIDENTIAL PROPERTY ON WHICH THE OWNER HAS PAID THE TAXES FOR TWENTY-FIVE YEARS OR LONGER SHALL CONTINUE TO BE TAXED AT THE RATE OF ASSESSMENT ON SUCH PROPERTY IN EFFECT ON THE TWENTY-FIFTH YEAR UNTIL SUCH PROPERTY IS CONVEYED BY INHERITANCE OR SALE OR THE OWNER CEASES TO USE THE HOME AS HIS PRIMARY RESIDENCE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-43-300 of the 1976 Code is amended by adding:
"(D) Notwithstanding any other provisions of law, residential property on which the owner has paid property taxes for twenty-five years or longer shall continue to be taxed at the rate of assessment for such property in effect on the twenty-fifth year of ownership, until such property is conveyed by inheritance or sale or until the owner ceases to use the property as his principal residence."
SECTION 2. This act takes effect upon approval by the Governor.