Current Status Bill Number:926 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19980115 Primary Sponsor:Passailaigue All Sponsors:Passailaigue Drafted Document Number:res1548.elp Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Property tax assessments, ratios; four and six percent when change in ownership; written notice of objection; Taxation
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19980115 Introduced, read first time, 06 SF
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND SECTION 12-43-220 OF THE CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX CLASSIFICATIONS AND ASSESSMENT RATIOS, SO AS TO PROVIDE THAT IF A CHANGE IN PROPERTY OWNERSHIP OCCURS AND THE NEW OWNER DOES NOT QUALIFY FOR THE FOUR PERCENT RESIDENTIAL PROPERTY ASSESSMENT RATIO, THE SIX PERCENT ASSESSMENT RATIO SHALL APPLY TO THE PROPERTY ONLY FOR THE PORTION OF THE TAX YEAR IN WHICH THE PROPERTY IS OWNED BY THE NEW OWNER; AND TO EXTEND THE TIME BY WHICH A WRITTEN NOTICE OF OBJECTION TO AN ASSESSMENT RATIO MUST BE FILED FOR THE 1997 TAX YEAR.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-43-220(c)(2)(vi) of the 1976 Code is amended to read:
"(vi) No further applications are necessary from the current owner while the property for which the initial application was made continues to meet the eligibility requirements. If a change in ownership occurs, another application is required. The owner shall notify the assessor of any change in classification within six months of the change. If a change in ownership occurs and the new owner does not qualify for the four percent assessment ratio, the six percent assessment ratio shall apply to the property only for the portion of the tax year in which the property is owned by the new owner. For the portion of the tax year in which the person qualifying for the four percent assessment ratio owned the property, the four percent assessment ratio shall apply."
SECTION 2. (A) For purposes of Article 9, Chapter 60, Title 12, the time by which the written notice of objection to the assessment ratio used for the assessment of property taxes for the 1997 tax year is hereby extended until a period ending forty days after the effective date of this act for a taxpayer who paid taxes for the 1997 property tax year at the six percent assessment ratio on property which qualified for the four percent assessment ratio on December 31, 1996, but which lost its status as the current owner's residence because of a change in ownership.
(B) The Department of Revenue and Taxation shall place a notice in newspapers of general circulation in this State notifying taxpayers of the provisions of this section. The department shall also provide written notification to each county assessor and county auditor.
SECTION 3. This act takes effect upon approval by the Governor.