South Carolina General Assembly
111th Session, 1995-1996

Bill 3725


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                       3725
Type of Legislation:               General Bill GB
Introducing Body:                  House
Introduced Date:                   19950302
Primary Sponsor:                   Moody-Lawrence, 
All Sponsors:                      Moody-Lawrence, Cave, Inabinett,
                                   Govan, Scott, Byrd, White, Neal and
                                   Lloyd 
Drafted Document Number:           JIC\5469HTC.95
Residing Body:                     House
Current Committee:                 Ways and Means Committee 30
                                   HWM
Subject:                           Property tax exemptions,
                                   homestead exemption



History


Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

House   19950302  Introduced, read first time,             30 HWM
                  referred to Committee

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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO ALLOW AN ADDITIONAL HOMESTEAD EXEMPTION EQUAL TO ONE HUNDRED FIFTY THOUSAND DOLLARS OF FAIR MARKET VALUE OF THE HOMESTEAD FOR AN OWNER WHO HAS ATTAINED AGE SEVENTY BEFORE THE APPLICABLE TAX YEAR.

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

SECTION 1. Section 12-37-220(B) of the 1976 Code is amended by adding an appropriately numbered item to read:

"( ) In addition to the homestead exemption allowed pursuant to Section 12-37-250, a person who receives that exemption who has attained the age of seventy years before the current property tax year is allowed an additional exemption on the same property equal to one hundred fifty thousand dollars of fair market value. The exemption allowed by this item extends to a surviving spouse in the same manner provided in Section 12-37-250 for the homestead exemption."

SECTION 2. Upon approval by the Governor, this act is effective for property tax years beginning after 1994.

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