South Carolina General Assembly
119th Session, 2011-2012

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H. 4596

STATUS INFORMATION

General Bill
Sponsors: Rep. Lowe
Document Path: l:\council\bills\bbm\10479htc12.docx

Introduced in the House on January 12, 2012
Currently residing in the House Committee on Ways and Means

Summary: Commercial property tax

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   1/12/2012  House   Introduced and read first time (House Journal-page 128)
   1/12/2012  House   Referred to Committee on Ways and Means 
                        (House Journal-page 128)

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

1/12/2012

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CLASSIFICATION OF PROPERTY AND THE APPLICABLE ASSESSMENT RATIOS FOR PURPOSES OF IMPOSITION OF PROPERTY TAX, SO AS TO REDUCE THE ASSESSMENT RATIO ON COMMERCIAL AND OTHER APPLICABLE REAL PROPERTY FROM SIX PERCENT OF VALUE TO FIVE PERCENT OF VALUE AND TO PHASE IN THIS REDUCTION OVER TWO PROPERTY TAX YEARS.

Whereas, Section 1(5), Article X of the Constitution of this State establishes a property tax classification for all real property not otherwise included in a different class and provides for the assessment of that property at six percent of its fair market value; and

Whereas, Section 2(d), Article X of the Constitution of this State allows the General Assembly, by at least a two-thirds vote in each house, to change the assessment ratio applicable to each constitutionally provided class of property. Now, therefore,

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

SECTION    1.    Section 12-43-220(e) of the 1976 Code is amended to read:

"(e)    All other real property not herein otherwise provided for shall in this section must be taxed on an assessment equal to six percent the following percentages of the fair market value of such the property:

property tax years ending before 2012                        6 percent

property tax year 2012                                                5.5 percent

property tax years beginning after 2012                    5 percent."

SECTION    2.    This act takes effect upon approval by the Governor.

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