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Current Status Bill Number:View additional legislative information at the LPITS web site.3353 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20010125 Primary Sponsor:Bales All Sponsors:Bales Drafted Document Number:l:\council\bills\bbm\9783htc01.doc Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax exemptions, personal motor vehicles, motorcycles; five thousand dollars of fair market value History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 20010125 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill
TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EXEMPTIONS FROM PROPERTY TAX, SO AS TO EXEMPT FROM PROPERTY TAX FIVE THOUSAND DOLLARS OF THE FAIR MARKET VALUE OF PRIVATE PASSENGER MOTOR VEHICLES AND MOTORCYCLES; AND TO AMEND SECTION 12-37-2640, RELATING TO THE DETERMINATION OF VALUE OF MOTOR VEHICLES AND MINIMUM AND MAXIMUM ASSESSED VALUES FOR CERTAIN MOTOR VEHICLES, SO AS TO CONFORM THE SECTION TO THE ADDITIONAL EXEMPTIONS ADDED BY THIS ACT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B) of the 1976 Code, as last amended by Act 404 of 2000, is further amended by adding an appropriately numbered item at the end to read:
"( ) Five thousand dollars of the fair market value of a private passenger motor vehicle as defined in Section 56-3-630 and five thousand dollars of the fair market value of a motorcycle."
SECTION 2. Section 12-37-2640 of the 1976 Code is amended to read:
"Section 12-37-2640. The auditor shall determine the assessed value of the motor vehicle and shall calculate the amount of taxes on the vehicle. However, in the case of motor vehicles whose model year is fifteen years or more prior to the tax year, the assessed value is fifty dollars, and in the case of a motor vehicle whose model year is less than fifteen years prior to the tax year, the assessed value must not be less than fifty dollars. If the assessed value of a motor vehicle is less than fifty dollars after an exemption is applied, then the vehicle is deemed to have no assessed value and is not subject to tax. The millage to be applied to motor vehicles licensed during January through December of each year must be that applied to other taxable property within the county, school district, special or tax district, and, if applicable, the municipality for the preceding regular tax year."
SECTION 3. This act takes effect July 1, 2001, and applies with respect to motor vehicle tax years beginning after June 30, 2001.
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