H 4484 General Bill, By Ballentine, Clyburn, Atwater and Huggins
 A BILL TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
 1976, RELATING TO CLASSIFICATIONS FOR ASSESSMENT RATIOS, SO AS TO PROVIDE
 THAT, UNDER CERTAIN CIRCUMSTANCES, A TAXPAYER MAY CLAIM THE FOUR PERCENT
 ASSESSMENT RATIO FOR TWO RESIDENTIAL PROPERTIES LOCATED IN THE STATE SO LONG
 AS THE TAXPAYER IS ATTEMPTING TO SELL THE FIRST ACQUIRED RESIDENCE.

   11/29/11  House  Prefiled
   11/29/11  House  Referred to Committee on Ways and Means
   01/10/12  House  Introduced and read first time (House Journal-page 57)
   01/10/12  House  Referred to Committee on Ways and Means
                     (House Journal-page 57)
   03/13/12  House  Member(s) request name added as sponsor: Huggins
   04/19/12  House  Committee report: Favorable with amendment Ways
                     and Means (House Journal-page 5)
   04/24/12         Scrivener's error corrected
   04/25/12  House  Amended (House Journal-page 33)
   04/25/12  House  Read second time (House Journal-page 33)
   04/25/12  House  Roll call Yeas-98  Nays-0 (House Journal-page 34)
   04/26/12  House  Read third time and sent to Senate
                     (House Journal-page 34)
   04/26/12         Scrivener's error corrected
   04/26/12         Scrivener's error corrected
   05/01/12  Senate Introduced and read first time (Senate Journal-page 8)
   05/01/12  Senate Referred to Committee on Finance
                     (Senate Journal-page 8)

AMENDED

April 25, 2012

H. 4484

Introduced by Reps. Ballentine, Clyburn, Atwater, Huggins and Bowen

S. Printed 4/25/12--H.    [SEC 4/26/12 3:36 PM]

Read the first time January 10, 2012.

TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CLASSIFICATIONS FOR ASSESSMENT RATIOS, SO AS TO PROVIDE THAT, UNDER CERTAIN CIRCUMSTANCES, A TAXPAYER MAY CLAIM THE FOUR PERCENT ASSESSMENT RATIO FOR TWO RESIDENTIAL PROPERTIES LOCATED IN THE STATE SO LONG AS THE TAXPAYER IS ATTEMPTING TO SELL THE FIRST ACQUIRED RESIDENCE.

Amend Title To Conform

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

SECTION    1.    Section 12-43-220(c) of the 1976 Code, as last amended by Act 76 of 2009, is further amended by adding an appropriately numbered subitem at the end to read:

"( )(i)    Notwithstanding any other provision of law, a taxpayer meeting all the other requirements of this subsection, may claim the four percent assessment ratio for two residential properties located in the State so long as the taxpayer attempts to sell the first acquired residence within thirty days of acquiring the second residence. The taxpayer must continue to attempt to sell the first acquired residence in any year in which four percent assessment ratio is claimed. Also, the first acquired residence must remain vacant and unused.

(ii)    The four percent assessment ratio may not be claimed on both residences for more than one property tax year.

(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 the four percent assessment ratio on both residences is on the taxpayer. The taxpayer must provide the 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.

(iv)    The special four percent assessment ratio allowed by this subitem must be construed as a property tax exemption for an amount of the fair market value of the residence sufficient to equal a four percent assessment ratio and other exemptions allowed applicable to property qualifying for the special assessment ratio."

SECTION    2.    This act takes effect upon approval by the Governor and applies for property tax years beginning after 2011.