S 0666 Joint Resolution, By Russell
Summary: Property tax assessment ratio, new class of personal property; Taxation, classifications
    A JOINT RESOLUTION PROPOSING AN AMENDMENT TO ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO FINANCE AND TAXATION, BY ADDING SECTION 1A AND AMENDING SECTION 6, SO AS TO PROVIDE THAT PROPERTY TAX MUST BE LEVIED SEPARATELY ON ANY CLASSIFICATION OF PERSONAL PROPERTY CREATED TO INCLUDE A PORTION OF THE "ALL OTHER PERSONAL PROPERTY" CLASSIFICATION BUT SUBJECT TO AN ASSESSMENT RATIO OF LESS THAN TEN AND ONE-HALF PERCENT AND TO PROVIDE THAT THE MILLAGE RATE IMPOSED ON THIS NEW CLASS MAY NOT EXCEED THE RATE IMPOSED FOR 2000 EXCEPT UPON REFERENDUM APPROVAL OR BY A POSITIVE MAJORITY VOTE OF THE GOVERNING BODY, AND TO DEFINE "POSITIVE MAJORITY" AND TO MAKE A CONFORMING AMENDMENT, AND TO PROPOSE AN AMENDMENT TO SECTION 1(8) OF ARTICLE X, RELATING TO THE ASSESSMENT RATIO ON "ALL OTHER PERSONAL PROPERTY", SO AS TO CREATE A NEW PROPERTY TAX CLASSIFICATION CONSISTING OF PERSONAL PROPERTY NOT USED IN A TRADE OR BUSINESS WHICH MUST BE TITLED BY A STATE OR FEDERAL AGENCY EXCLUDING AIRCRAFT AND UNITS OF MANUFACTURED HOUSING AND PROVIDING AN ASSESSMENT RATIO FOR THIS NEW CLASS EQUAL TO NINE AND THIRTY-EIGHT HUNDREDTHS PERCENT OF FAIR MARKET VALUE DECLINING OVER FOUR YEARS TO A PERMANENT RATE OF SIX PERCENT AND TO PROVIDE EFFECTIVE DATES.
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03/30/99	Senate	Introduced and read first time SJ-4
03/30/99	Senate	Referred to Committee on Finance SJ-4