S 0256 General Bill, By McConnell, Elliott, O'Dell and M.T. Rose
 A Bill to amend Section 12-37-220, as amended, Code of Laws of South Carolina,
 1976, relating to property tax exemptions, so as to exempt owner-occupied
 residential property from increases in fair market value occurring during and
 after the twenty-fifth year of continuous ownership and to provide exceptions.

   11/14/94  Senate Prefiled
   11/14/94  Senate Referred to Committee on Finance
   01/10/95  Senate Introduced and read first time SJ-88
   01/10/95  Senate Referred to Committee on Finance SJ-88

A BILL

TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT OWNER-OCCUPIED RESIDENTIAL PROPERTY FROM INCREASES IN FAIR MARKET VALUE OCCURRING DURING AND AFTER THE TWENTY-FIFTH YEAR OF CONTINUOUS OWNERSHIP AND TO PROVIDE EXCEPTIONS.

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

SECTION 1. Section 12-37-220(B) of the 1976 Code is amended by adding an appropriately numbered item to read:

"( ) an amount of the fair market value of residential real property assessed pursuant to Section 12-43-220(c) equal to increases in such value resulting from reassessments occurring during and after the twenty-fifth year the current owner has owned the property until the ownership changes. This exemption does not extend to increases in fair market value attributable to permanent improvements made to the property. For purposes of this exemption, the acquisition of residential property assessed pursuant to Section 12-43-220(c) by interspousal gift or by a surviving spouse by devise or operation of law is not considered a change of ownership."

SECTION 2. Upon approval by the Governor, this act is effective for increases in fair market value occurring for tax years after 1994.