S 926 Session 112 (1997-1998)
S 0926 General Bill, By Passailaigue
A BILL TO AMEND SECTION 12-43-220 OF THE CODE OF LAWS OF SOUTH CAROLINA, 1976,
RELATING TO PROPERTY TAX CLASSIFICATIONS AND ASSESSMENT RATIOS, SO AS TO
PROVIDE THAT IF A CHANGE IN PROPERTY OWNERSHIP OCCURS AND THE NEW OWNER DOES
NOT QUALIFY FOR THE FOUR PERCENT RESIDENTIAL PROPERTY ASSESSMENT RATIO, THE
SIX PERCENT ASSESSMENT RATIO SHALL APPLY TO THE PROPERTY ONLY FOR THE PORTION
OF THE TAX YEAR IN WHICH THE PROPERTY IS OWNED BY THE NEW OWNER; AND TO EXTEND
THE TIME BY WHICH A WRITTEN NOTICE OF OBJECTION TO AN ASSESSMENT RATIO MUST BE
FILED FOR THE 1997 TAX YEAR.
01/15/98 Senate Introduced and read first time SJ-3
01/15/98 Senate Referred to Committee on Finance SJ-3
A BILL
TO AMEND SECTION 12-43-220 OF THE CODE OF LAWS OF
SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX
CLASSIFICATIONS AND ASSESSMENT RATIOS, SO AS TO
PROVIDE THAT IF A CHANGE IN PROPERTY OWNERSHIP
OCCURS AND THE NEW OWNER DOES NOT QUALIFY FOR
THE FOUR PERCENT RESIDENTIAL PROPERTY
ASSESSMENT RATIO, THE SIX PERCENT ASSESSMENT
RATIO SHALL APPLY TO THE PROPERTY ONLY FOR THE
PORTION OF THE TAX YEAR IN WHICH THE PROPERTY IS
OWNED BY THE NEW OWNER; AND TO EXTEND THE TIME
BY WHICH A WRITTEN NOTICE OF OBJECTION TO AN
ASSESSMENT RATIO MUST BE FILED FOR THE 1997 TAX
YEAR.
Be it enacted by the General Assembly of the State of South
Carolina:
SECTION 1. Section 12-43-220(c)(2)(vi) of the 1976 Code is
amended to read:
"(vi) No further applications are necessary from the current owner
while the property for which the initial application was made
continues to meet the eligibility requirements. If a change in
ownership occurs, another application is required. The owner shall
notify the assessor of any change in classification within six months
of the change. If a change in ownership occurs and the new
owner does not qualify for the four percent assessment ratio, the six
percent assessment ratio shall apply to the property only for the
portion of the tax year in which the property is owned by the new
owner. For the portion of the tax year in which the person qualifying
for the four percent assessment ratio owned the property, the four
percent assessment ratio shall apply."
SECTION 2. (A) For purposes of Article 9, Chapter 60, Title 12,
the time by which the written notice of objection to the assessment
ratio used for the assessment of property taxes for the 1997 tax year
is hereby extended until a period ending forty days after the effective
date of this act for a taxpayer who paid taxes for the 1997 property
tax year at the six percent assessment ratio on property which
qualified for the four percent assessment ratio on December 31, 1996,
but which lost its status as the current owner's residence because of
a change in ownership.
(B) The Department of Revenue and Taxation shall place a notice
in newspapers of general circulation in this State notifying taxpayers
of the provisions of this section. The department shall also provide
written notification to each county assessor and county auditor.
SECTION 3. This act takes effect upon approval by the Governor.
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