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Current Status Bill Number:View additional legislative information at the LPITS web site.3330 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19990121 Primary Sponsor:Bales All Sponsors:Bales Drafted Document Number:l:\council\bills\kgh\15186htc99.doc Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax assessments, exemptions, classified as personal; ratio phase down; Political Subdivisions, Taxation History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 19990121 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill
TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CLASSIFICATION OF PROPERTY AND APPLICABLE ASSESSMENT RATIOS AND VALUATION METHODS FOR PURPOSES OF PROPERTY TAX, SO AS TO PHASE DOWN THE ASSESSMENT RATIO ON PROPERTY CLASSIFIED AS "ALL OTHER PERSONAL PROPERTY" FROM TEN AND ONE-HALF PERCENT OF FAIR MARKET VALUE TO TWO AND ONE-HALF PERCENT OVER FOUR PROPERTY TAX YEARS; TO PROVIDE REIMBURSEMENT TO LOCAL UNITS OF GOVERNMENT FOR PROPERTY TAX REVENUES NOT COLLECTED BECAUSE OF AN ASSESSMENT RATIO LESS THAN TEN AND ONE-HALF PERCENT; TO PROVIDE THAT FOR PURPOSES OF BONDED INDEBTEDNESS AND CALCULATING THE INDEX OF TAXPAYING ABILITY THE ASSESSMENT RATIO FOR SUCH PROPERTY IS DEEMED TEN AND ONE-HALF PERCENT; AND TO AMEND SECTION 12-37-220, AS AMENDED, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT FROM PROPERTY TAX PROPERTY CLASSIFIED AS "ALL OTHER PERSONAL PROPERTY" FOR PROPERTY TAX YEARS BEGINNING AFTER 2003, TO REIMBURSE LOCAL GOVERNMENTS FOR TAXES NOT COLLECTED BECAUSE OF THIS EXEMPTION BASED ON PROPERTY TAX YEAR 2003 REVENUE AND REIMBURSEMENTS, AND TO PROVIDE THAT THIS EXEMPT PROPERTY IS CONSIDERED TAXABLE PROPERTY FOR PURPOSES OF BONDED INDEBTEDNESS AND CALCULATING THE INDEX OF TAXPAYING ABILITY AS THAT PROPERTY WAS ASSESSED IN 2003.
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:
"( )(a) For property tax years beginning after 2003, 'all other personal property' as provided in Article X, Section 1(8) of the Constitution of this State and Section 12-43-220(f).
(b) The General Assembly in the annual general appropriations act shall reimburse local units of government for the taxes not collected because of the exemption allowed by this item based on the amount actually received by the local units of government from taxes on this property in calendar year 2003 and the amount reimbursed to them by the State on account of this property in calendar year 2003.
(c) Notwithstanding any other provision of law, property exempted from property taxation pursuant to this item is considered taxable property pursuant to Sections 14 and 15 of Article X of the Constitution of this State, and for purposes of exempting the 'index of taxpaying ability' pursuant to Section 59-20-20(3). This calculation must be made using the value of this property applicable for the 2003 property tax year and a ten and one-half percent assessment ratio."
SECTION 2. Section 12-43-220(f) of the 1976 Code is amended to read:
"(f)(1) Except as specifically provided by law, all other personal property shall must be taxed on an assessment of ten and one-half percent of fair market value of such property as provided in subitem (2) of this item except that commercial fishing boats shall must be taxed on an assessment of not more than five percent of fair market value. As used in this item 'commercial fishing boats' shall mean boats licensed by the Department of Natural Resources which are used exclusively for commercial fishing, shrimping, or crabbing.
(2) Applicable Assessment Ratio Property Tax Year
Beginning in
8.5 percent 2000
6.5 percent 2001
4.5 percent 2002
2.5 percent 2003
(3) In the annual general appropriations act for fiscal years 1999-00 through 2003-04 only, the General Assembly shall reimburse local governments for taxes not collected because of the assessment ratio less than ten and one-half percent provided in this item. Notwithstanding any other provision of law, and through 2003 only, property assessed at less than ten and one-half percent of fair market value pursuant to this item must be considered to be assessed at ten and one-half percent for purposes of bonded indebtedness pursuant to Sections 14 and 15, and for Article X of the Constitution of this State, and computing the 'index of taxpaying ability' pursuant to Section 59-20-20(3)."
SECTION 3. This act takes effect upon approval by the Governor.
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