Current Status Bill Number:5013 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19980414 Primary Sponsor:Rodgers All Sponsors:Rodgers Drafted Document Number:jic\5503htc.98 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax valuations, appropriate adjustments when fire, natural disaster, new construction; assessments, Taxation
Body Date Action Description Com Leg Involved
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House 19980414 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTIONS 12-37-717, 12-37-718, AND 12-37-719 SO AS TO REQUIRE THE VALUE AND USE OF REAL PROPERTY ON WHICH THERE IS NEW CONSTRUCTION TO CHANGE WHEN THE CERTIFICATE OF OCCUPANCY IS ISSUED ON THE STRUCTURE AND A PRORATED TAX BILL ISSUED FOR THE PROPERTY FOR THE TAX YEAR, TO ALLOW THE OWNER OF IMPROVED REAL PROPERTY DESTROYED OR DAMAGED BY FIRE OR NATURAL DISASTER TO OBTAIN AN IMMEDIATE REASSESSMENT OF THE PROPERTY, PROVIDE FOR A PRORATED TAX BILL TO BE ISSUED ON THE PROPERTY, PROVIDE A LIMITATION ON THIS REASSESSMENT AND PROVIDE FOR APPEALS, AND TO REQUIRE CLOSING ATTORNEYS TO NOTIFY PURCHASERS OF RESIDENTIAL REAL PROPERTY OF THE REQUIREMENTS FOR THE PURCHASER, IF ELIGIBLE, TO OBTAIN THE RESIDENTIAL AND HOMESTEAD EXEMPTIONS FROM PROPERTY TAX.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 5, Chapter 37, Title 12 of the 1976 Code is amended by adding:
"Section 12-37-717. Notwithstanding any other provision of law, when a certificate of occupancy or other evidence of completion is issued on new construction, the use, if applicable, and value of the property which is the subject of the certificate is considered to have changed effective on the date the certificate is issued. The property tax on the property for the tax year the certificate is issued must be prorated using the value and use of the property for each part of the year.
Section 12-37-718. If due to fire or natural disaster, an improvement to real estate is destroyed or so damaged that it cannot be put to its intended use, the owner or the owner's agent may file a request for immediate reassessment with the county assessor, who shall examine the property, and issue a revised valuation and change of use, if applicable, for the property effective beginning with the date of the destruction or damage. The property tax on the property for the tax year the destruction or damage occurs must be prorated using the value and use applicable both before and after the destruction or damage. The provisions of this section do not apply to property in which the destruction or damage occurs after the eleventh month of the tax year. Appeals of the immediate reassessment value may be taken as provided in Article 9, Chapter 60 of this title, but without regard to the deadline for filing appeals in nonreassessment years.
Section 12-37-719. Purchasers of residential real property must be notified in writing by the closing attorney of the requirements for the purchaser, if eligible, to obtain the exemptions from property tax allowed pursuant to Sections 12-37-250 and 12-37-251."
SECTION 2. This act takes effect January 1, 1999.