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Bill 3248

                    Current Status

Bill Number:                      3248
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20010110
Primary Sponsor:                  Rodgers
All Sponsors:                     Rodgers
Drafted Document Number:          l:\council\bills\dka\4050mm01.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Property tax assessments, fair market 
                                  valuation to be displayed on face of tax 
                                  notice; Taxation, Political Subdivisions


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20010110  Introduced, read first time,           30 HWM
                  referred to Committee


              Versions of This Bill

TO AMEND SECTION 12-37-930, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO VALUATION OF PROPERTY FOR PURPOSES OF TAXATION, SO AS TO PROVIDE THAT THE FAIR MARKET VALUE ATTRIBUTED TO THE PROPERTY FOR THAT PURPOSE BE DISPLAYED CONSPICUOUSLY ON THE FACE OF THE PROPERTY TAX NOTICE.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    The first unnumbered paragraph of Section 12-37-930 of the 1976 Code is amended to read:

    "All Property must be valued for taxation at its true value in money which in all cases is the price which the property would bring following reasonable exposure to the market, where if both the seller and the buyer are willing, are not acting under compulsion, and are reasonably well informed of the uses and purposes for which it is adapted and for which it is capable of being used. That fair market value attributed to the property for purposes of assessing the property for taxation, whether the valuation is made by the county auditor or by a state or federal agency, must be displayed conspicuously on the face of the property tax notice, along with the assessment ratio used, any depreciation allowance applied, and other adjustments made in determining the property tax due. The fair market value for vehicles, watercraft, and aircraft must be based on values derived from a nationally recognized publication of vehicle valuations, except that the value may not exceed ninety-five percent of the prior previous year's value. However, acreage allotments or marketing quota allotments for a commodity established under a program of the United States Department of Agriculture is are classified as incorporeal hereditaments and the market value of real property to which they are attached may not include the value, if any, of the acreage allotment or marketing quota. Fair market value of manufacturer's machinery and equipment used in the conduct of the manufacturing business, excluding vehicles, watercraft, and aircraft required to be registered or licensed by a state or federal agency, must be determined by reducing the original cost by an annual allowance for depreciation as stated in the following schedule."

SECTION    2.    This act takes effect upon approval by the Governor and applies for taxable years beginning after July 1, 2001.

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