H 3533 Session 111 (1995-1996)
H 3533 General Bill, By T.F. Rogers
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 ad valorem taxation, so as to provide that owner-occupied
residential property qualifies for the four percent assessment ratio for a
property tax year if the owner occupied the property for some period during
the tax year and at the time of application and to provide for assessment of
residential property certified for occupancy after the beginning of the tax
year.
02/08/95 House Introduced and read first time HJ-10
02/08/95 House Referred to Committee on Ways and Means HJ-10
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 AD VALOREM TAXATION, SO
AS TO PROVIDE THAT OWNER-OCCUPIED RESIDENTIAL
PROPERTY QUALIFIES FOR THE FOUR PERCENT
ASSESSMENT RATIO FOR A PROPERTY TAX YEAR IF THE
OWNER OCCUPIED THE PROPERTY FOR SOME PERIOD
DURING THE TAX YEAR AND AT THE TIME OF
APPLICATION AND TO PROVIDE FOR ASSESSMENT OF
RESIDENTIAL PROPERTY CERTIFIED FOR OCCUPANCY
AFTER THE BEGINNING OF THE TAX YEAR.
Be it enacted by the General Assembly of the State of South
Carolina:
SECTION 1. The first paragraph of Section 12-43-220(c) of the
1976 Code, as last amended by Act 164 of 1993, is further
amended to read:
"The legal residence and not more than five acres
contiguous thereto, when owned totally or in part in fee or by life
estate and occupied by the owner of the interest, is taxed on an
assessment equal to four percent of the fair market value of the
property. If residential real property is held in trust and the income
beneficiary of the trust occupies the property as a residence, then
the assessment ratio allowed by this item applies if the trustee
certifies to the assessor that the property is occupied as a residence
by the income beneficiary of the trust. When the legal residence is
located on leased or rented property and the residence is owned and
occupied by the owner of a residence on leased property, even
though at the end of the lease period the lessor becomes the owner
of the residence, the assessment for the residence is at the same
ratio as provided in this item. If the lessee of property upon which
he has located his legal residence is liable for taxes on the leased
property, then the property upon which he is liable for taxes, not to
exceed five acres contiguous to his legal residence, must be
assessed at the same ratio provided in this item. If this property has
located on it any rented mobile homes or residences which are
rented or any business for profit, this four percent value does not
apply to those businesses or rental properties. This subsection (c) is
not applicable unless the owner of the property or his agents
make written application apply therefor to the
county assessor on or before the first penalty date for taxes due for
the first tax year in which the assessment under this article is made
and certify to the following statement: `Under the penalty of perjury
I certify that I meet the qualifications for the special assessment
ratio for a legal residence as of January first of for
the appropriate tax year'.
To qualify for this special assessment ratio, the
owner-occupant must have actually occupied the residence for some
period during the tax year prior to the date of application and
remain an owner-occupant at the time of application. However,
when a new or renovated residential property has been certified for
occupancy after the beginning of a tax year, the property must be
assessed as provided in item (e) on the unimproved value of the
property."
SECTION 2. This act takes effect upon approval by the
Governor and applies with respect to property tax years beginning
after 1994.
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