Current Status Bill Number:3948 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970410 Primary Sponsor:Bowers All Sponsors:Bowers Drafted Document Number:gjk\20478sd.97 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax assessments, motor vehicles; private passenger used for noncommercial purposes
Body Date Action Description Com Leg Involved
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House 19970410 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CLASSIFICATION OF PROPERTY FOR AD VALOREM TAX PURPOSES AND THE ASSESSMENT RATIOS APPLICABLE TO SUCH PROPERTY, SO AS TO PROVIDE THAT PRIVATE PASSENGER MOTOR VEHICLES USED FOR NONCOMMERCIAL PURPOSES SHALL BE TAXED ON AN ASSESSMENT EQUAL TO SIX PERCENT OF FAIR MARKET VALUE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-43-220(f) of the 1976 Code, as last amended by Act 459 of 1996, is further amended to read:
"(f) Except as specifically provided by law, all other personal property shall be taxed on an assessment of ten and one-half percent of fair market value of such property except that commercial fishing boats shall be taxed on an assessment of five percent of fair market value, and except that all private passenger motor vehicles used for noncommercial purposes shall be taxed on an assessment equal to six percent of fair market value. As used in this item, 'commercial fishing boats' shall mean means boats licensed by the Department of Natural Resources which are used exclusively for commercial fishing, shrimping, or crabbing."
SECTION 2. This act takes effect upon approval by the Governor.