S 0458 General Bill, By Passailaigue

Similar(H 3663)
 A BILL TO AMEND ARTICLE 3, CHAPTER 37, TITLE 12, CODE OF LAWS OF SOUTH
 CAROLINA, 1976, BY ADDING SECTION 12-37-224 TO PROVIDE THAT THE FAIR MARKET
 VALUE OF OWNER OCCUPIED RESIDENTIAL PROPERTY MAY NOT INCREASE MORE THAN: (1)
 THE VALUE OF PERMANENT IMPROVEMENTS; AND (2) FIFTEEN PERCENT MORE THAN THE
 AVERAGE 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, AS LONG AS THE PROPERTY REMAINS OCCUPIED BY THE SAME
 OWNER OR BY THE SPOUSE THEREOF; AND TO PROVIDE THAT WHEN THE PROPERTY IS
 TRANSFERRED, THE COUNTY ASSESSOR SHALL SET THE FAIR MARKET VALUE.

   02/04/99  Senate Introduced and read first time SJ-3
   02/04/99  Senate Referred to Committee on Finance SJ-3

TO AMEND ARTICLE 3, CHAPTER 37, TITLE 12, CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-224 TO PROVIDE THAT THE FAIR MARKET VALUE OF OWNER OCCUPIED RESIDENTIAL PROPERTY MAY NOT INCREASE MORE THAN: (1) THE VALUE OF PERMANENT IMPROVEMENTS; AND (2) FIFTEEN PERCENT MORE THAN THE AVERAGE 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, AS LONG AS THE PROPERTY REMAINS OCCUPIED BY THE SAME OWNER OR BY THE SPOUSE THEREOF; AND TO PROVIDE THAT WHEN THE PROPERTY IS TRANSFERRED, THE COUNTY ASSESSOR SHALL SET THE FAIR MARKET VALUE.

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 the purposes of ad valorem taxation, the fair market value of owner occupied residential property assessed pursuant to Section 12-43-220(c) may not increase more than:

(1) 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

(2) fifteen percent more than the average 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 effective as of the date of transfer, which value shall appertain to the transferee, and should the transferee qualify as an owner occupant, fair market value may only be increased during his term of ownership in accordance with subsection (A)."

SECTION 2. This act takes effect upon approval by the Governor.