Current Status Bill Number:3904 Type of Legislation:Joint Resolution JR Introducing Body:House Introduced Date:19970410 Primary Sponsor:Fleming All Sponsors:Fleming, Knotts, Koon and Tripp Drafted Document Number:JIC\5373HTC.97 Companion Bill Number:1055 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax assessment ratio, titled by federal or state agency, separate class established for; Constitution
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19970410 Introduced, read first time, 30 HWM
referred to Committee
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PROPOSING AN AMENDMENT TO SECTION 1(8), ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO THE ASSESSMENT RATIO APPLICABLE TO CERTAIN PERSONAL PROPERTY FOR PURPOSES OF THE PROPERTY TAX, SO AS TO ESTABLISH A SEPARATE CLASS FOR CERTAIN PROPERTY REQUIRED TO BE TITLED BY A STATE OR FEDERAL AGENCY, AND TO PROVIDE THE ASSESSMENT RATIOS FOR THE NEW CLASS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. It is proposed that Section 1(8), Article X of the Constitution of this State be amended to read:
"(8) (A) Except as provided in subitem (B) of this item, all other personal property shall must be taxed on an assessment equal to ten and one-half percent of the fair market value of such the property.
(B) Personal property required to be titled by a state or federal agency, not including units of manufactured housing, must be taxed on an assessment equal to the following percentage of fair market value of the property:
Property Tax Year Percentage
(i) Property tax years beginning
in the first calendar year
following the year of
ratification of this subitem 6.0
(ii) Property tax years beginning
after the first calendar year
following the year of
ratification of this subitem 4.0"
SECTION 2. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:
"Must Section 1(8), Article X of the Constitution of this State, be amended so as to establish a new class of property for purposes of the property tax consisting of personal property required to be titled by a state or federal agency, not including units of manufactured housing, which must be assessed for property tax at the rate of six percent of fair market value declining to a permanent rate of four percent after the first year?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."