S 0273 General Bill, By J.V. Smith and Giese
 A Bill to amend Section 12-43-220, as amended, Code of Laws of South Carolina,
 1976, relating to the classification and assessment ratios of property for ad
 valorem taxation, so as to provide that the application required to obtain the
 four percent assessment ratio for owner-occupied residential property may be
 filed at any time on or before the first penalty date for taxes on the
 property for the year in which the special assessment ratio first applies.

   10/29/90  Senate Prefiled
   10/29/90  Senate Referred to Committee on Finance
   01/08/91  Senate Introduced and read first time SJ-97
   01/08/91  Senate Referred to Committee on Finance SJ-97
   01/29/91  Senate Committee report: Favorable Finance SJ-16
   01/30/91  Senate Read second time SJ-11
   02/05/91  Senate Read third time and sent to House SJ-22
   02/06/91  House  Introduced and read first time HJ-11
   02/06/91  House  Referred to Committee on Ways and Means HJ-12

COMMITTEE REPORT

January 29, 1991

S. 273

Introduced by SENATORS J. Verne Smith and Giese

S. Printed 1/29/91--S.

Read the first time January 8, 1991.

To whom was referred a Bill (S. 273), to amend Section 12-43-220, as amended, Code of Laws of South Carolina, 1976, relating to the classification and assessment ratios of property, etc., respectfully

That they have duly and carefully considered the same, and recommend that the same do pass:

JAMES M. WADDELL, JR., for Committee.

Senate Bill 273 amends Section 12-43-220, relating to the classification and assessment ratios of property for ad valorem taxation, so as to provide that the application required to obtain the four percent assessment ratio for owner-occupied residential property may be filed at any time on or before the first penalty date for taxes on the property for the year in which the special assessment ratio first applies.

This bill would reduce local government revenue by a minimal amount.

Approved By:

S. Hunter Howard, Jr.

S.C. Tax Commission

A BILL

TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CLASSIFICATION AND ASSESSMENT RATIOS OF PROPERTY FOR AD VALOREM TAXATION, SO AS TO PROVIDE THAT THE APPLICATION REQUIRED TO OBTAIN THE FOUR PERCENT ASSESSMENT RATIO FOR OWNER-OCCUPIED RESIDENTIAL PROPERTY MAY BE FILED AT ANY TIME ON OR BEFORE THE FIRST PENALTY DATE FOR TAXES ON THE PROPERTY FOR THE YEAR IN WHICH THE SPECIAL ASSESSMENT RATIO FIRST APPLIES.

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

SECTION 1. The first two paragraphs of Section 12-43-220(c) of the 1976 Code, as last amended by Act 637 of 1988, are 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. 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 item is not applicable unless the owner of the property or his agents make written application to the county assessor on or before May first of the first penalty date for taxes 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 the current tax year'.

The assessor shall have printed in the local newspaper during the period January through April annually at least five notices calling to public attention the provisions of filing the application as a prerequisite for claiming this classification. Failure to file within the prescribed time constitutes abandonment of the owner's right for this classification for the current tax year, but the local taxing authority may extend the time for filing upon a showing satisfactory to it that the person had reasonable cause for not filing on or before May first the first penalty date."

SECTION 2. Upon approval by the Governor, this act

applies for tax years beginning after 1990.