S 1164 General Bill, By Rose
 A BILL TO AMEND SECTION 12-43-220 OF THE SOUTH CAROLINA CODE OF LAWS, 1976, AS
 AMENDED, RELATING TO CLASSIFICATIONS FOR ASSESSMENT RATIOS, SO AS TO PROVIDE
 THAT THE LEGAL RESIDENCE AND NOT MORE THAN FIVE CONTIGUOUS ACRES THERETO
 LOCATED ON THE HEIRS' PROPERTY ALSO QUALIFIES FOR THE FOUR PERCENT ASSESSMENT
 PROVIDED BY THIS SUBSECTION AS LONG AS THE LEGAL RESIDENCE IS OWNED AND
 OCCUPIED BY ONE OR MORE OF THE COLLECTIVE OWNERS OF THE HEIRS' PROPERTY.

   02/10/10  Senate Introduced and read first time SJ-5
   02/10/10  Senate Referred to Committee on Finance SJ-5
   04/14/10  Senate Committee report: Favorable with amendment
                     Finance SJ-61
   04/15/10  Senate Committee Amendment Adopted SJ-22
   04/15/10  Senate Read second time SJ-22
   04/20/10  Senate Read third time and sent to House SJ-11
   04/20/10  House  Introduced and read first time HJ-47
   04/20/10  House  Referred to Committee on Ways and Means HJ-47

Indicates Matter Stricken

Indicates New Matter

COMMITTEE AMENDMENT ADOPTED

April 15, 2010

S. 1164

S. Printed 4/15/10--S.

Read the first time February 10, 2010.

TO AMEND SECTION 12-43-220 OF THE SOUTH CAROLINA CODE OF LAWS, 1976, AS AMENDED, RELATING TO CLASSIFICATIONS FOR ASSESSMENT RATIOS, SO AS TO PROVIDE THAT THE LEGAL RESIDENCE AND NOT MORE THAN FIVE CONTIGUOUS ACRES THERETO LOCATED ON THE HEIRS' PROPERTY ALSO QUALIFIES FOR THE FOUR PERCENT ASSESSMENT PROVIDED BY THIS SUBSECTION AS LONG AS THE LEGAL RESIDENCE IS OWNED AND OCCUPIED BY ONE OR MORE OF THE COLLECTIVE OWNERS OF THE HEIRS' PROPERTY.

Amend Title To Conform

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

SECTION    1.    Section 12-43-220(c)(1) of the 1976 Code is amended to read:

"(c)(1)    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, and additional dwellings located on the same property and occupied by immediate family members of the owner of the interest, are 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. For purposes of the assessment ratio allowed pursuant to this item, a residence does not qualify as a legal residence unless the residence is determined to be the domicile of the owner-applicant.

The assessment ratio allowed pursuant to this subsection includes the legal residence and not more than five contiguous acres thereto located on 'heirs' property' so long as the legal residence is owned and occupied by one or more heirs. For purposes of this item, 'heirs' property' includes, but is not limited to, land that is owned collectively by heirs of a deceased person whose estate never passed through the probate process. For purposes of qualifying for the assessment ratio allowed by this subsection by an owner of heirs' property, proof of ownership may include, but is not limited to, a birth certificate, language in a deed, authentic family papers, and other means that shall be designated by regulation by the Department of Revenue."

SECTION    2.    This act takes effect upon approval by the Governor.