Current Status Bill Number:4077 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19950412 Primary Sponsor:Limehouse All Sponsors:Limehouse and Fulmer Drafted Document Number:jic\5786htc.95 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax exemptions on historic property
Body Date Action Description Com Leg Involved
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House 19950412 Introduced, read first time, 30 HWM
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 AN OWNER-OCCUPIED RESIDENTIAL PROPERTY DESIGNATED AS AN HISTORIC PROPERTY REPRESENTED BY THE DIFFERENCE IN THE FAIR MARKET VALUE OF THE DESIGNATED PROPERTY AND A SIMILAR PROPERTY NOT DESIGNATED.
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 at the end to read:
"( ) An amount of the fair market value of property assessed pursuant to Section 12-43-220(c) designated as `historic' under the qualifications provided in Section 4-9-195(B)(1) represented by the difference between the fair market value of the designated property and the fair market value of a similar property not designated."
SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 1994.