H 3939 General Bill, By Gamble and Stuart
 A Bill to amend the Code of Laws of South Carolina, 1976, by adding Section
 12-37-253 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 and after the owner
 has resided in the property for at least thirty years, and to provide an
 exception.

   04/13/93  House  Introduced and read first time HJ-18
   04/13/93  House  Referred to Committee on Ways and Means HJ-19

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-253 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 AND AFTER THE OWNER HAS RESIDED IN THE PROPERTY FOR AT LEAST THIRTY YEARS, AND TO PROVIDE AN EXCEPTION.

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

SECTION 1. The 1976 Code is amended by adding:

"Section 12-37-253. 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, and after the owner has resided in the property for at least thirty years, 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 and after the owner has resided in the property for at least thirty years, but this exemption does extend to increases in fair market value attributable to routine maintenance performed on the property."

SECTION 2. This act takes effect upon approval by the Governor and applies for tax years beginning after 1992 and fair market value increases occurring after 1992.