Bill 845

                    Current Status

Introducing Body:               Senate
Bill Number:                    845
Primary Sponsor:                McConnell
Committee Number:               06
Type of Legislation:            GB
Subject:                        Property tax reassessments
Residing Body:                  Senate
Current Committee:              Finance
Computer Document Number:       845
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
                                Passailaigue
                                Rose
                                O'Dell
                                Greg Smith
                                Lander
                                Rankin
                                Reese
                                Washington
Type of Legislation:            General Bill

Bill  Body    Date          Action Description              CMN  Leg Involved
____  ______  ____________  ______________________________  ___  ____________

845   Senate  19940111      Introduced, read first time,    06
                            referred to Committee
845   Senate  19930913      Prefiled, referred to           06
                            Committee

A BILL

TO AMEND SECTION 12-43-280, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EQUALIZATION AND REASSESSMENT, BY ADDING SUBSECTION (C), SO AS TO PROVIDE THAT RESIDENTIAL PROPERTIES ON WHICH A PERSON HAS PAID THE TAXES FOR FIFTEEN YEARS OR LONGER AND RESIDENTIAL PROPERTIES OWNED BY PERSONS SIXTY-FIVE YEARS OF AGE OR OLDER WHO HAVE PAID THE TAXES FOR TEN YEARS OR LONGER, MAY BE REASSESSED FOR PROPERTY TAX PURPOSES AND THAT SUCH REASSESSMENT SHALL BE HELD IN ABEYANCE UNTIL THE PROPERTY IS CONVEYED EITHER BY SALE OR INHERITANCE AT WHICH TIME THE TAXES BECOME DUE ON THE REASSESSED PROPERTY RETROACTIVELY FOR A FIVE YEAR PERIOD; BY ADDING SUBSECTION (D), SO AS TO PROVIDE THAT IN THE YEAR FOLLOWING REASSESSMENT THE PROPERTY TAXES ON A HOME SHALL NOT BE INCREASED IN AN AMOUNT GREATER THAN FIVE PERCENT ABOVE THE PREVIOUSLY ASSESSED VALUE; AND BY ADDING SUBSECTION (F), SO AS TO PROVIDE THAT STATE AND LOCAL GOVERNMENTAL ENTITIES SHALL GRANT REASSESSMENT ROLL BACKS FOR QUALIFIED PROPERTIES.

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

SECTION 1. Section 12-43-280 of the 1976 Code is amended by adding:

"(C) Notwithstanding any other provision of law, residential properties on which a person has paid the taxes for fifteen years or longer and residential properties owned by persons 65 years of age or older who have paid the taxes for ten years or longer, may be reassessed for property tax purposes. However, such reassessments shall be held in abeyance until such property is conveyed by sale or inheritance, at which time such taxes become due on the reassessed property retroactively for a five-year period."

SECTION 2. Section 12-43-280 of the 1976 Code is amended by adding:

"(D) In the year following reassessment, the property taxes on a home shall not be increased in an amount greater than five percent above the previously assessed value."

SECTION 3. Section 12-43-280 of the 1976 Code is amended by adding:

"(E) State and local governmental entities shall grant a reassessment roll back to all properties qualifying for an exemption hereunder within two years from the effective date of this section."

SECTION 4. This act takes effect upon approval by the Governor.