H*3698(Rat #0202, Act #0119 of 1999)  Joint Resolution, By 
 House Ways and Means
 A JOINT RESOLUTION TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY
 ADDING SECTION 12-37-223 SO AS TO AUTHORIZE A COUNTY GOVERNING BODY BY
 ORDINANCE TO LIMIT THE INCREASE IN REAL PROPERTY VALUE TO FIFTEEN PERCENT AS
 THE RESULT OF A COUNTYWIDE REASSESSMENT AND EQUALIZATION PROGRAM AND TO
 SPECIFY THE APPLICATION OF THIS PROVISION, PROVIDE CERTAIN EXCEPTIONS AND
 AUTHORIZE THE COUNTY GOVERNING BODY TO MAKE THE ORDINANCE APPLY RETROACTIVELY;
 AND TO PROVIDE THAT THE VERSION OF SECTION 12-37-223 AS ADDED BY THIS
 ENACTMENT IS DEEMED THE LATEST ENACTMENT OF THIS SECTION DURING THE 1999
 LEGISLATIVE SESSION.-AMENDED TITLE

   03/11/99  House  Introduced, read first time, placed on calendar
                     without reference HJ-6
   03/15/99  House  Special order, set for following 2nd reading of H
                     3697 (Capital Reserve) HJ-18
   03/23/99  House  Read second time HJ-28
   03/24/99  House  Read third time and sent to Senate HJ-13
   03/24/99  Senate Introduced and read first time SJ-9
   03/24/99  Senate Referred to Committee on Finance SJ-9
   05/27/99  Senate Recalled from Committee on Finance SJ-29
   05/27/99  Senate Read second time SJ-29
   05/27/99  Senate Ordered to third reading with notice of
                     amendments SJ-29
   06/01/99  Senate Special order SJ-124
   06/24/99  Senate Amended SJ-32
   06/24/99  Senate Read third time and returned to House with
                     amendments SJ-32
   06/24/99  House  Concurred in Senate amendment and enrolled HJ-44
   06/24/99         Ratified R 202
   06/30/99         Signed By Governor
   06/30/99         Effective date 06/30/99
   07/07/99         Copies available
   07/22/99         Act No. 119

A JOINT RESOLUTION TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-223 SO AS TO AUTHORIZE A COUNTY GOVERNING BODY BY ORDINANCE TO LIMIT THE INCREASE IN REAL PROPERTY VALUE TO FIFTEEN PERCENT AS THE RESULT OF A COUNTYWIDE REASSESSMENT AND EQUALIZATION PROGRAM AND TO SPECIFY THE APPLICATION OF THIS PROVISION, PROVIDE CERTAIN EXCEPTIONS AND AUTHORIZE THE COUNTY GOVERNING BODY TO MAKE THE ORDINANCE APPLY RETROACTIVELY; AND TO PROVIDE THAT THE VERSION OF SECTION 12-37-223 AS ADDED BY THIS ENACTMENT IS DEEMED THE LATEST ENACTMENT OF THIS SECTION DURING THE 1999 LEGISLATIVE SESSION.

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

Ordinance to allow exemption

SECTION 1. Chapter 37, Title 12 of the 1976 Code is amended by adding:

"Section 12-37-223. As authorized by Section 3, Article X of the South Carolina Constitution, the General Assembly hereby authorizes the governing body of a county by ordinance to exempt an amount of fair market value of real property located in the county sufficient to limit to fifteen percent any valuation increase attributable to the implementation in the county of a countywide appraisal and equalization program conducted pursuant to Section 12-43-217. An exemption allowed by this section does not apply to:

(1) real property valued for property tax purposes by the unit valuation method;

(2) value attributable to property or improvements not previously taxed, such as new construction, and for renovation of existing structures;

(3) property transferred after the implementation of the most recent countywide equalization program conducted pursuant to Section 12-43-217, except property transfers that are not subject to income tax pursuant to Sections 102, 351, 355, 368, 721, 1031, 1033, or 1041 of the Internal Revenue Code as defined in Section 12-6-40.

Assessed value exempted from ad valorem taxation by an ordinance enacted pursuant to this section is nevertheless considered taxable property for purposes of any formula using assessed value of property to determine state aid to school districts for public education and computing the bonded indebtedness limit for a political subdivision or school district.

The ordinance allowed by this section may be given retroactive effect, but shall not affect taxes due prior to its enactment."

Deemed latest enactment

SECTION 2. Notwithstanding the date of enactment during the 1999 legislative session of any act adding Section 12-37-223 to the Code of Laws of South Carolina, 1976, the version of Section 12-37-223 as contained in this enactment is deemed the latest enactment of this section.

Time effective

SECTION 3. This joint resolution takes effect upon approval by the Governor.

Ratified the 24th day of June, 1999.

Approved the 30th day of June, 1999.