S 0413 General Bill, By Reese
 A BILL TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO ALLOW A REAL PROPERTY
 OWNER WHO HAS PAID PROPERTY TAXES ON A PARCEL FOR TEN YEARS AN EXEMPTION IN
 THE FORM OF A CREDIT AGAINST PROPERTY TAX DUE ON THE PARCEL AND TO PROVIDE FOR
 THE ADMINISTRATION OF THIS EXEMPTION.

   02/07/07  Senate Introduced and read first time SJ-25
   02/07/07  Senate Referred to Committee on Finance SJ-25

TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO ALLOW A REAL PROPERTY OWNER WHO HAS PAID PROPERTY TAXES ON A PARCEL FOR TEN YEARS AN EXEMPTION IN THE FORM OF A CREDIT AGAINST PROPERTY TAX DUE ON THE PARCEL AND TO PROVIDE FOR THE ADMINISTRATION OF THIS EXEMPTION.

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

SECTION    1.    Section 12-37-220(B) of the 1976 Code is amended by adding a new item at the end appropriately numbered to read:

"( )(a)    An owner of real property which has not undergone an assessable transfer of interest in the last ten property tax years is allowed an exemption equal to an amount of fair market value of the property in property tax years eleven through twenty sufficient to reduce the total of property tax due the parcel by ten percent of the total of property taxes paid on the parcel for year eleven. This exemption must be shown on the tax bill as a credit against total property tax due. This exemption ends after the earlier of:

(i)        ten property tax years; or

(ii)    the year after the parcel has undergone an assessable transfer of interest.

(b)    For purposes of this item, 'assessable transfer of interest' has the meaning provided pursuant to Article 25 of this chapter."

SECTION    2.    This act takes effect upon approval by the Governor and applies for purposes of the exemption allowed pursuant to this act for property tax years beginning after 2006. Property tax years ending before property tax year 2007 may be counted in the ten-year ownership requirement necessary for claiming the exemption allowed by this act.