H 4097 Session 109 (1991-1992)
H 4097 General Bill, By P.B. Harris, J.M. Baxley, J. Brown, A.W. Byrd, Carnell,
Cato, R.S. Corning, J.L.M. Cromer, Fair, J.G. Felder, J.L. Harris, Harrison,
B.H. Harwell, Haskins, Jennings, Keegan, H.H. Keyserling, Martin, L.M. Martin,
J.G. McAbee, Neilson, Quinn, J. Rama, I.K. Rudnick, J.R. Shirley, R. Smith,
J.J. Snow, Vaughn, C.Y. Waites, D.C. Waldrop, L.S. Whipper, J.B. Wilder and
Young-Brickell
A Bill to amend the Code of Laws of South Carolina, 1976, by adding Section
12-37-251, so as to exempt from the property tax that amount of fair market
value of residential property qualifying for the homestead exemption which
represents increases in the fair market value of the property occurring after
the property first qualifies for the homestead exemption, to provide an
exception and to provide for reimbursement to taxing entities for taxes not
collected as a result of this exemption.
01/14/92 House Introduced and read first time HJ-180
01/14/92 House Referred to Committee on Ways and Means HJ-180
A BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976,
BY ADDING SECTION 12-37-251, SO AS TO EXEMPT FROM
PROPERTY TAX THAT AMOUNT OF FAIR MARKET VALUE OF
RESIDENTIAL PROPERTY QUALIFYING FOR THE HOMESTEAD
EXEMPTION WHICH REPRESENTS INCREASES IN THE FAIR
MARKET VALUE OF THE PROPERTY OCCURRING AFTER THE
PROPERTY FIRST QUALIFIES FOR THE HOMESTEAD
EXEMPTION, TO PROVIDE AN EXCEPTION AND TO PROVIDE
FOR REIMBURSEMENT TO TAXING ENTITIES FOR TAXES NOT
COLLECTED AS A RESULT OF THIS EXEMPTION.
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 12-37-251. (A) In addition to the exemption
amount allowed for the homestead exemption pursuant to Section
12-37-250, an additional amount of fair market value of property
qualifying for the homestead exemption equal to increases in fair market
value occurring after the year the property first qualifies for the
homestead exemption is exempt from ad valorem taxation. This
exemption does not extend to increases in fair market value attributable
to permanent improvements made to the property after the property
qualifies for the homestead exemption but this exemption does extend
to increases in fair market value attributable to routine maintenance
performed on the property.
(B) The reimbursement provisions of Section 12-37-270 apply for
the exemption allowed by this section in the same manner that
reimbursements are made pursuant to that section for the homestead
exemption."
SECTION 2. This act takes effect upon approval by the Governor
and applies for tax years beginning after 1992 and fair market value
increases occurring after 1992.
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