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3698Ratification Number: 202Act Number: 119Type of Legislation: Joint Resolution JRIntroducing Body: HouseIntroduced Date: 19990311Primary Sponsor: Ways and Means Committee HWM 30All Sponsors: Ways and Means CommitteeDrafted Document Number: l:\council\bills\nbd\11212htc99.docDate Bill Passed both Bodies: 19990624Date of Last Amendment: 19990624Governor's Action: SDate of Governor's Action: 19990630Subject: Property tax assessments, countywide reassessments; exceptions, value increases, appraisal and equalization programHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 19990721 Act No. A119 ------ 19990630 Signed by Governor ------ 19990624 Ratified R202 House 19990624 Concurred in Senate amendment, enrolled for ratification Senate 19990624 Amended, read third time, returned to House with amendment Senate 19990601 Made Special Order Senate 19990527 Read second time, notice of general amendments Senate 19990527 Recalled from Committee 06 SF Senate 19990324 Introduced, read first time, 06 SF referred to Committee House 19990324 Read third time, sent to Senate House 19990323 Read second time House 19990315 Made Special Order House 19990311 Introduced, read first time Versions of This Bill Revised on March 11, 1999 - Word format Revised on May 27, 1999 - Word format Revised on June 24, 1999 - Word format
(A119, R202, H3698)
A JOINT RESOLUTION TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-223 SO AS TO AUTHORIZE A COUNTY GOVERNING BODY BY ORDINANCE TO LIMIT THE INCREASE IN REAL PROPERTY VALUE TO FIFTEEN PERCENT AS THE RESULT OF A COUNTYWIDE REASSESSMENT AND EQUALIZATION PROGRAM AND TO SPECIFY THE APPLICATION OF THIS PROVISION, PROVIDE CERTAIN EXCEPTIONS AND AUTHORIZE THE COUNTY GOVERNING BODY TO MAKE THE ORDINANCE APPLY RETROACTIVELY; AND TO PROVIDE THAT THE VERSION OF SECTION 12-37-223 AS ADDED BY THIS ENACTMENT IS DEEMED THE LATEST ENACTMENT OF THIS SECTION DURING THE 1999 LEGISLATIVE SESSION.
Be it enacted by the General Assembly of the State of South Carolina:
Ordinance to allow exemption
SECTION 1. Chapter 37, Title 12 of the 1976 Code is amended by adding:
"Section 12-37-223. As authorized by Section 3, Article X of the South Carolina Constitution, the General Assembly hereby authorizes the governing body of a county by ordinance to exempt an amount of fair market value of real property located in the county sufficient to limit to fifteen percent any valuation increase attributable to the implementation in the county of a countywide appraisal and equalization program conducted pursuant to Section 12-43-217. An exemption allowed by this section does not apply to:
(1) real property valued for property tax purposes by the unit valuation method;
(2) value attributable to property or improvements not previously taxed, such as new construction, and for renovation of existing structures;
(3) property transferred after the implementation of the most recent countywide equalization program conducted pursuant to Section 12-43-217, except property transfers that are not subject to income tax pursuant to Sections 102, 351, 355, 368, 721, 1031, 1033, or 1041 of the Internal Revenue Code as defined in Section 12-6-40.
Assessed value exempted from ad valorem taxation by an ordinance enacted pursuant to this section is nevertheless considered taxable property for purposes of any formula using assessed value of property to determine state aid to school districts for public education and computing the bonded indebtedness limit for a political subdivision or school district.
The ordinance allowed by this section may be given retroactive effect, but shall not affect taxes due prior to its enactment."
Deemed latest enactment
SECTION 2. Notwithstanding the date of enactment during the 1999 legislative session of any act adding Section 12-37-223 to the Code of Laws of South Carolina, 1976, the version of Section 12-37-223 as contained in this enactment is deemed the latest enactment of this section.
SECTION 3. This joint resolution takes effect upon approval by the Governor.
Ratified the 24th day of June, 1999.
Approved the 30th day of June, 1999.
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