S 0518 General Bill, By Leatherman, Jackson, Martin, McConnell and Passailaigue

Similar(H 3621)
 A Bill to amend Section 12-43-220, as amended, Code of Laws of South Carolina,
 1976, relating to classification of property and assessment ratios for
 purposes of the property tax, so as to reduce the assessment ratio on
 manufacturing and utility property from ten and one-half percent to nine
 percent in one-half percent increments beginning in tax year 1996 and to make
 this amendment contingent on a favorable vote in a statewide referendum on the
 question of increasing the sales, use, and casual excise tax to take effect
 July 1, 1996, with the additional revenue used for property tax relief.

   02/15/95  Senate Introduced and read first time SJ-6
   02/15/95  Senate Referred to Committee on Finance SJ-6

A BILL

TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CLASSIFICATION OF PROPERTY AND ASSESSMENT RATIOS FOR PURPOSES OF THE PROPERTY TAX, SO AS TO REDUCE THE ASSESSMENT RATIO ON MANUFACTURING AND UTILITY PROPERTY FROM TEN AND ONE-HALF PERCENT TO NINE PERCENT IN ONE-HALF PERCENT INCREMENTS BEGINNING IN TAX YEAR 1996 AND TO MAKE THIS AMENDMENT CONTINGENT ON A FAVORABLE VOTE IN A STATEWIDE REFERENDUM ON THE QUESTION OF INCREASING THE SALES, USE, AND CASUAL EXCISE TAX TO TAKE EFFECT JULY 1, 1996, WITH THE ADDITIONAL REVENUE USED FOR PROPERTY TAX RELIEF.

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

SECTION 1. The first paragraph of Section 12-43-220(a) of the 1976 Code is amended to read:

"All real and personal property owned by or leased to manufacturers and utilities and used by the manufacturer or utility in the conduct of the business must be taxed on an assessment equal to ten and one-half the percent of the fair market value of the property provided in the following schedule:

Property Tax Year Assessment Ratio

Before 1996 10.5

1996 10.0

19979.5

After 19979.0."

SECTION 2. This act takes effect only upon the certification to the Code Commissioner of a favorable vote in a statewide referendum on the question of raising the sales, use, and casual excise tax to take effect July 1, 1996, with the additional revenues used for property tax relief.