S 0190 General Bill, By McConnell, Reese and Wilson
 A BILL TO AMEND SECTION 12-51-90, CODE OF LAWS OF SOUTH CAROLINA, 1976,
 RELATING TO THE REDEMPTION OF REAL PROPERTY SOLD FOR DELINQUENT PROPERTY
 TAXES, SO AS TO PROVIDE THAT THE INTEREST THAT MUST BE PAID BY A DELINQUENT
 TAXPAYER WHO IS REDEEMING REAL PROPERTY MUST BE ASSESSED ON A PER ANNUM BASIS.

   12/16/98  Senate Prefiled
   12/16/98  Senate Referred to Committee on Finance
   01/12/99  Senate Introduced and read first time SJ-73
   01/12/99  Senate Referred to Committee on Finance SJ-73

TO AMEND SECTION 12-51-90, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REDEMPTION OF REAL PROPERTY SOLD FOR DELINQUENT PROPERTY TAXES, SO AS TO PROVIDE THAT THE INTEREST THAT MUST BE PAID BY A DELINQUENT TAXPAYER WHO IS REDEEMING REAL PROPERTY MUST BE ASSESSED ON A PER ANNUM BASIS.

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

SECTION 1. Section 12-51-90 of the 1976 Code is amended to read:

"Section 12-51-90. The defaulting taxpayer, any grantee from the owner, or any mortgage or judgment creditor may within twelve months from the date of the delinquent tax sale redeem each item of real estate by paying to the person officially charged with the collection of delinquent taxes, assessments, penalties, and costs, together with eight percent interest per annum on the whole amount of the delinquent tax sale bid. In the case of a redemption in the last six months of the redemption period, for all real property except that classified pursuant to Section 12-43-220(c) at the time of the delinquent sale, the applicable rate of interest is twelve percent per annum. If prior to the expiration of the redemption period, the purchaser assigns his interest in any real property purchased at a delinquent tax sale, the grantee from the successful bidder shall furnish the person officially charged with the collection of delinquent taxes a conveyance, witnessed and notarized. The person officially charged with the collection of delinquent taxes shall replace the successful bidder's name and address with the grantee's name and address in the delinquent tax sale book."

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