H*3473 Session 107 (1987-1988)
H*3473(Rat #0745, Act #0637 of 1988) General Bill, By Elliott
A Bill to amend Section 12-43-220, as amended, Code of Laws of South Carolina,
1976, relating to the classification and assessment ratios of property for
purposes of ad valorem taxation, so as to provide that after an initial
application for classification of property as a legal residence is filed, no
further application is necessary to maintain that classification until the
classification of the property changes, to require notification to the
assessor within six months when property use changes, and to establish minimum
and maximum penalties for failing to notify the assessor in a timely
manner.-amended title
01/12/88 House Introduced and read first time HJ-307
01/12/88 House Referred to Committee on Ways and Means HJ-307
03/24/88 House Committee report: Favorable with amendment Ways
and Means HJ-2321
04/07/88 House Amended HJ-2569
04/07/88 House Read second time HJ-2569
04/12/88 House Read third time and sent to Senate HJ-2621
04/13/88 Senate Introduced and read first time SJ-56
04/13/88 Senate Referred to Committee on Finance SJ-56
05/26/88 Senate Recalled from Committee on Finance SJ-45
05/26/88 Senate Read second time SJ-45
05/26/88 Senate Unanimous consent for third reading on next
legislative day SJ-45
05/27/88 Senate Read third time and enrolled SJ-34
06/02/88 Ratified R 745
06/07/88 Signed By Governor
06/07/88 Effective date 01/01/88
06/07/88 Act No. 637
06/21/88 Copies available
(A637, R745, H3473)
AN ACT TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
1976, RELATING TO THE CLASSIFICATION AND ASSESSMENT RATIOS OF PROPERTY FOR
PURPOSES OF AD VALOREM TAXATION, SO AS TO PROVIDE THAT AFTER AN INITIAL
APPLICATION FOR CLASSIFICATION OF PROPERTY AS A LEGAL RESIDENCE IS FILED, NO
FURTHER APPLICATION IS NECESSARY TO MAINTAIN THAT CLASSIFICATION UNTIL THE
CLASSIFICATION OF THE PROPERTY CHANGES, TO REQUIRE NOTIFICATION TO THE ASSESSOR
WITHIN SIX MONTHS WHEN PROPERTY USE CHANGES, AND TO ESTABLISH MINIMUM AND MAXIMUM
PENALTIES FOR FAILING TO NOTIFY THE ASSESSOR IN A TIMELY MANNER.
Be it enacted by the General Assembly of the State of South Carolina:
Legal residence
SECTION 1. Section 12-43-220(c) of the 1976 Code is amended to read:
"(c) The legal residence and not more than five acres contiguous thereto,
when owned totally or in part in fee or by life estate and occupied by the owner
of the interest, is taxed on an assessment equal to four percent of the fair
market value of the property. When the legal residence is located on leased or
rented property and the residence is owned and occupied by the owner of a
residence on leased property, even though at the end of the lease period the
lessor becomes the owner of the residence, the assessment for the residence is
at the same ratio as provided in this item. If the lessee of property upon which
he has located his legal residence is liable for taxes on the leased property,
then the property upon which he is liable for taxes, not to exceed five acres
contiguous to his legal residence, must be assessed at the same ratio provided
in this item. If this property has located on it any rented mobile homes or
residences which are rented or any business for profit, this four percent value
does not apply to those businesses or rental properties. This item is not
applicable unless the owner of the property or his agents make written
application to the county assessor on or before May first of the first tax year
in which the assessment under this article is made and certify to the following
statement: 'Under the penalty of perjury I certify that I meet the
qualifications for the special assessment ratio for a legal residence as of
January first of the current tax year'.
The assessor shall have printed in the local newspaper during the period
January through April at least five notices calling to public attention the
provisions of filing the application as a prerequisite for claiming this
classification. Failure to file within the prescribed time constitutes
abandonment of the owner's right for this classification for the current tax
year, but the local taxing authority may extend the time for filing upon a
showing satisfactory to it that the person had reasonable cause for not filing
on or before May first.
No further applications are necessary while the property for which the initial
application was made continues to meet the eligibility requirements of this item.
The owner shall notify the assessor of any change in use within six months of the
change.
If a person signs the certification and is not eligible or thereafter loses
eligibility and fails to notify the county assessor within the allotted time, a
penalty of ten percent and interest at the rate of one-half of one percent a
month must be paid on the difference between the amount that was paid and the
amount that should have been paid, but not less than thirty dollars nor more than
the current year's taxes.
The governing body of the county concerned as an alternative may elect,
determine, and direct that the tax assessor shall determine and designate the
various properties to be subject to the special assessment ratio provided in this
item. Upon the determination by the governing body of the county concerned, no
publication of notice is required and no application or other certification is
then required."
Time effective
SECTION 2. This act takes effect January 1, 1989. |