H 3501 General Bill, By Bales

Similar(S 199, H 3418)
 A BILL TO RATIFY AN AMENDMENT TO SECTION 1(8), ARTICLE X OF THE CONSTITUTION
 OF SOUTH CAROLINA, 1895, RELATING TO ASSESSMENT RATIOS AND CLASSES OF PROPERTY
 FOR PURPOSES OF THE PROPERTY TAX, SO AS TO ESTABLISH A NEW CLASS OF PROPERTY
 CONSISTING OF PERSONAL MOTOR VEHICLES WHICH MUST BE TITLED BY A STATE OR
 FEDERAL AGENCY AND LIMITED TO PASSENGER MOTOR VEHICLES AND PICKUP TRUCKS AS
 DEFINED BY LAW ASSESSED FOR PROPERTY TAX AT NINE AND SEVENTY-FIVE HUNDREDTHS
 PERCENT OF FAIR MARKET VALUE REDUCED IN ANNUAL INCREMENTS OF SEVENTY-FIVE
 HUNDREDTHS OF ONE PERCENT OVER SIX YEARS TO A PERMANENT RATE OF SIX PERCENT OF
 FAIR MARKET VALUE AND TO PROVIDE THAT THESE REVISED ASSESSMENT RATIOS AND THE
 NEW CLASS OF PROPERTY APPLIES FOR PROPERTY TAX YEARS BEGINNING AFTER 2001 OR
 IN EARLIER TAX YEARS AS THE GENERAL ASSEMBLY MAY PROVIDE BY LAW.

   02/08/01  House  Introduced and read first time HJ-6
   02/08/01  House  Referred to Committee on Ways and Means HJ-6

TO RATIFY AN AMENDMENT TO SECTION 1(8), ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO ASSESSMENT RATIOS AND CLASSES OF PROPERTY FOR PURPOSES OF THE PROPERTY TAX, SO AS TO ESTABLISH A NEW CLASS OF PROPERTY CONSISTING OF PERSONAL MOTOR VEHICLES WHICH MUST BE TITLED BY A STATE OR FEDERAL AGENCY AND LIMITED TO PASSENGER MOTOR VEHICLES AND PICKUP TRUCKS AS DEFINED BY LAW ASSESSED FOR PROPERTY TAX AT NINE AND SEVENTY-FIVE HUNDREDTHS PERCENT OF FAIR MARKET VALUE REDUCED IN ANNUAL INCREMENTS OF SEVENTY-FIVE HUNDREDTHS OF ONE PERCENT OVER SIX YEARS TO A PERMANENT RATE OF SIX PERCENT OF FAIR MARKET VALUE AND TO PROVIDE THAT THESE REVISED ASSESSMENT RATIOS AND THE NEW CLASS OF PROPERTY APPLIES FOR PROPERTY TAX YEARS BEGINNING AFTER 2001 OR IN EARLIER TAX YEARS AS THE GENERAL ASSEMBLY MAY PROVIDE BY LAW.

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

SECTION    1.    The amendment to Section 1(8), Article X of the Constitution of South Carolina, 1895, prepared under the terms of Joint Resolution 130 of 1999, having been submitted to the qualified electors at the general election of 2000 as prescribed in Section 1, Article XVI of the Constitution of South Carolina, 1895, and a favorable vote having been received on the amendment, is ratified and declared to be a part of the Constitution so that Section 1(8) of Article X is amended to read:

    "(8)(A)    Except as provided in subitem (B) of this item, all other personal property must be taxed on an assessment equal to ten and one-half percent of the fair market value of the property.

        (B)(1)    Personal motor vehicles which must be titled by a state or federal agency, limited to passenger motor vehicles and pickup trucks, as defined by law, must be taxed on an assessment equal to the following percentage of fair market value of the property:

    Property Tax Year                    Percentage

        year 1                                        9.75

        year 2                                        9.00

        year 3                                        8.25

        year 4                                        7.50

        year 5                                        6.75

        year 6 and after                        6.00.

            (2)    This subitem applies for property tax years beginning after 2001, or for earlier tax years as the General Assembly may provide by law."