S 837 Session 110 (1993-1994)
S 0837 General Bill, By Passailaigue, Giese, Lander, Setzler and Wilson
Similar(H 3364)
A Bill to amend the Code of Laws of South Carolina, 1976, by adding Section
12-37-251, so as to exempt from property tax that amount of fair market value
of residential property qualifying for the homestead exemption which
represents increases in the fair market value of the property occurring after
the property first qualifies for the homestead exemption, to provide an
exception for taxes not collected as a result of this exemption.
06/25/93 Senate Introduced and read first time SJ-13
06/25/93 Senate Referred to Committee on Finance SJ-13
A BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976,
BY ADDING SECTION 12-37-251, SO AS TO EXEMPT FROM
PROPERTY TAX THAT AMOUNT OF FAIR MARKET VALUE OF
RESIDENTIAL PROPERTY QUALIFYING FOR THE HOMESTEAD
EXEMPTION WHICH REPRESENTS INCREASES IN THE FAIR
MARKET VALUE OF THE PROPERTY OCCURRING AFTER THE
PROPERTY FIRST QUALIFIES FOR THE HOMESTEAD
EXEMPTION, TO PROVIDE AN EXCEPTION AND TO PROVIDE
FOR REIMBURSEMENT TO TAXING ENTITIES FOR TAXES NOT
COLLECTED AS A RESULT OF THIS EXEMPTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 3, Chapter 37, Title 12 of the 1976 Code is
amended by adding:
"Section 12-37-251. (A) In addition to the exemption amount
allowed for the homestead exemption pursuant to Section 12-37-250, an
additional amount of fair market value of property qualifying for the
homestead exemption equal to increases in fair market value occurring
after the year the property first qualifies for the homestead exemption is
exempt from ad valorem taxation. This exemption does not extend to
increases in fair market value attributable to permanent improvements
made to the property after the property qualifies for the homestead
exemption but this exemption does extend to increases in fair market
value attributable to routine maintenance performed on the property.
(B) The reimbursement provisions of Section 12-37-270 apply for
the exemption allowed by this section in the same manner that
reimbursements are made pursuant to that section for the homestead
exemption."
SECTION 2. This act takes effect upon approval by the Governor and
applies for tax years beginning after 1994 and fair market value
increases occurring after 1994.
-----XX----- |