H 4695 General Bill, By Limehouse, Altman, Breeland, H. Brown, Campsen, Mack, 
Rodgers, Seithel, Whatley and Whipper

Similar(H 3095)
 A BILL TO AMEND ARTICLE 3, CHAPTER 37, TITLE 12, CODE OF LAWS OF SOUTH
 CAROLINA, 1976, RELATING TO ASSESSMENT OF PROPERTY TAXES, BY ADDING SECTION
 12-37-224 SO AS TO PROVIDE THAT THE FAIR MARKET VALUE OF OWNER OCCUPIED
 RESIDENTIAL PROPERTY MAY NOT INCREASE MORE THAN THE VALUE OF PERMANENT
 IMPROVEMENTS AND THE PERCENTAGE INCREASE IN THE ASSESSED VALUE OF ALL TAXABLE
 PROPERTIES IN THE COUNTY IN THE YEAR IMMEDIATELY PRECEDING A COUNTYWIDE
 REASSESSMENT AND THE YEAR OF A COUNTYWIDE REASSESSMENT, SO LONG AS THE
 PROPERTY REMAINS OCCUPIED BY THE SAME OWNER OR BY HIS SPOUSE; AND TO PROVIDE
 THAT THE COUNTY ASSESSOR SET THE FAIR MARKET VALUE WHEN THE PROPERTY IS
 TRANSFERRED.

   02/25/98  House  Introduced and read first time HJ-21
   02/25/98  House  Referred to Committee on Ways and Means HJ-21
   03/11/98  House  Member(s) added as co-sponsor(s): Rep(s) Rodgers HJ-16

A BILL

TO AMEND ARTICLE 3, CHAPTER 37, TITLE 12, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ASSESSMENT OF PROPERTY TAXES, BY ADDING SECTION 12-37-224 SO AS TO PROVIDE THAT THE FAIR MARKET VALUE OF OWNER OCCUPIED RESIDENTIAL PROPERTY MAY NOT INCREASE MORE THAN THE VALUE OF PERMANENT IMPROVEMENTS AND THE PERCENTAGE INCREASE IN THE ASSESSED VALUE OF ALL TAXABLE PROPERTIES IN THE COUNTY IN THE YEAR IMMEDIATELY PRECEDING A COUNTYWIDE REASSESSMENT AND THE YEAR OF A COUNTYWIDE REASSESSMENT, SO LONG AS THE PROPERTY REMAINS OCCUPIED BY THE SAME OWNER OR BY HIS SPOUSE; AND TO PROVIDE THAT THE COUNTY ASSESSOR SET THE FAIR MARKET VALUE WHEN THE PROPERTY IS TRANSFERRED.

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 12-37-224. (A) For purposes of ad valorem taxation, and in addition to the provisions of Section 12-43-280, the fair market value of owner-occupied residential property assessed pursuant to Section 12-43-220(c) may not increase more than an amount equal to the value of permanent improvements, as defined by the Department of Revenue, made by the owner-occupant after acquiring title and the percentage increase in the assessed value of all taxable properties in the county in the year immediately preceding a countywide reassessment and the year of a countywide reassessment.

(B) When the property is transferred, other than between spouses, the county assessor shall determine the fair market value of the property in the hands of the transferee, effective as of the date of transfer. If the transferee qualifies as an owner-occupant, fair market value may be increased during his term of ownership only in accordance with subsection (A).

SECTION 2. Upon approval by the Governor, this act takes effect for tax years beginning after December 31, 1998.