Download This Version in Microsoft Word format
TO AMEND SECTION 12-43-220 OF THE SOUTH CAROLINA CODE OF LAWS, 1976, AS AMENDED, RELATING TO CLASSIFICATIONS FOR ASSESSMENT RATIOS, SO AS TO PROVIDE THAT, UNDER CERTAIN CIRCUMSTANCES, A TAXPAYER MAY CLAIM THE FOUR PERCENT ASSESSMENT RATIO ALLOWED BY THIS SECTION FOR TWO RESIDENTIAL PROPERTIES LOCATED IN THE STATE IF THE SECOND RESIDENCE WAS PURCHASED AS A RESULT OF A CHANGE IN THE LOCATION OF A TAXPAYER'S JOB.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-43-220(c) is amended by adding an appropriately numbered subitem at the end to read:
"( )(i) Notwithstanding any other provision of law, a taxpayer may claim the four percent assessment ratio allowed by this section for two residential properties located in the State if the second residence was purchased as a result of a change in the location of a taxpayer's job.
(ii) To qualify for the four percent assessment ratio on both residences, the taxpayer's first residence must be at least one hundred fifty miles from the location of the taxpayer's place of business and the taxpayer's second residence. Also, the four percent assessment ratio may not be claimed on both residences for more than five property tax years.
(iii) This subitem does not apply unless the owner of the properties or the owner's agent applies for the four percent assessment ratio on both residences before the first penalty date for the payment of taxes for the tax year for which the owner first claims eligibility for this assessment ratio. The burden of proof for eligibility for four percent assessment ratio on both residences is on the taxpayer. The taxpayer must provide proof the assessor requires, including, but not limited to, a copy of the owner's most recently filed South Carolina individual income tax return, copies of South Carolina motor vehicle registrations for all motor vehicles registered in the name of the owner, and other proof required by the assessor necessary to determine eligibility for the assessment ratio allowed by this subitem."
SECTION 2. This act takes effect upon approval by the Governor and applies for property tax years beginning after 2009.
This web page was last updated on February 10, 2010 at 2:35 PM