S 0937 Joint Resolution, By Ryberg, Peeler, Verdin, Bryant, Grooms, Richardson, 
Rankin, Gregory, Fair, Cromer, Cleary, Mescher, O'Dell and Scott

Similar(H 4609)
 A JOINT RESOLUTION PROPOSING AN AMENDMENT TO ARTICLE X OF THE CONSTITUTION OF
 SOUTH CAROLINA, 1895, RELATING TO FINANCE AND TAXATION, BY ADDING A NEW
 SECTION 1A SO AS TO PROVIDE THAT FAIR MARKET VALUE OF REAL PROPERTY FOR
 PURPOSES OF PROPERTY TAX MEANS THE LOWER OF ITS FAIR MARKET VALUE WHEN
 OWNERSHIP OF THE REAL PROPERTY LAST WAS TRANSFERRED, INCREASED BY THE FAIR
 MARKET VALUE OF IMPROVEMENTS TO THE REAL PROPERTY SINCE OWNERSHIP OF THE REAL
 PROPERTY LAST WAS TRANSFERRED, OR THE FAIR MARKET VALUE OF THE REAL PROPERTY
 AS DETERMINED ON APPEAL, IF LESS THAN THE TRANSFER VALUE, AND TO PROVIDE THAT
 THE GENERAL ASSEMBLY BY LAW SHALL DEFINE AN OWNERSHIP TRANSFER, AND AN
 IMPROVEMENT TO REAL PROPERTY, AND TO PROVIDE THAT THE GENERAL ASSEMBLY BY LAW
 SHALL PROVIDE A BASE YEAR FOR DETERMINING INITIAL FAIR MARKET VALUE OF REAL
 PROPERTY.

   11/29/05  Senate Prefiled
   11/29/05  Senate Referred to Committee on Judiciary
   01/10/06  Senate Introduced and read first time SJ-5
   01/10/06  Senate Referred to Committee on Judiciary SJ-5
   01/18/06  Senate Referred to Subcommittee: Martin (ch), Hutto,
                     Ritchie, Sheheen, Campsen

PROPOSING AN AMENDMENT TO ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO FINANCE AND TAXATION, BY ADDING A NEW SECTION 1A SO AS TO PROVIDE THAT FAIR MARKET VALUE OF REAL PROPERTY FOR PURPOSES OF PROPERTY TAX MEANS THE LOWER OF ITS FAIR MARKET VALUE WHEN OWNERSHIP OF THE REAL PROPERTY LAST WAS TRANSFERRED, INCREASED BY THE FAIR MARKET VALUE OF IMPROVEMENTS TO THE REAL PROPERTY SINCE OWNERSHIP OF THE REAL PROPERTY LAST WAS TRANSFERRED, OR THE FAIR MARKET VALUE OF THE REAL PROPERTY AS DETERMINED ON APPEAL, IF LESS THAN THE TRANSFER VALUE, AND TO PROVIDE THAT THE GENERAL ASSEMBLY BY LAW SHALL DEFINE AN OWNERSHIP TRANSFER, AND AN IMPROVEMENT TO REAL PROPERTY, AND TO PROVIDE THAT THE GENERAL ASSEMBLY BY LAW SHALL PROVIDE A BASE YEAR FOR DETERMINING INITIAL FAIR MARKET VALUE OF REAL PROPERTY.

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

SECTION    1.    It is proposed that Article X of the Constitution of this State be amended by adding a new section to read:

"Section 1A.    Effective for property tax years beginning after the ratification date of this section, for purposes of the property tax, the fair market value of real property means its fair market value as provided in item (1) of this section or as provided in item (2) of this section, whichever results in the lower fair market value:

(1)    Transfer Value - means the fair market value of the real property determined when ownership of the real property last was transferred, increased by the fair market value of improvements made to the real property during the current ownership of the property; or

(2)    Appeal Value - means the fair market value of the real property as determined on appeal for any property tax year during the current ownership of the property if the fair market value as determined on appeal is less than the amount determined pursuant to item (1) of this section. Value as determined on appeal substitutes for the fair market value of the real property when ownership of the real property last was transferred.

The General Assembly by law shall define an ownership transfer and an improvement to real property, and the General Assembly by law shall provide a base year for determining initial fair market value for purposes of this section."

SECTION    2.    The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:

"Must Article X of the Constitution of this State, relating to finance and taxation, be amended by adding a new Section 1A so as to provide that the fair market value of real property for purposes of the property tax is the lesser of its fair market value when ownership of the real property last was transferred, increased by the fair market value of improvements made to the real property since its ownership last was transferred or its fair market value as determined on appeal, and to provide that the General Assembly by law shall define an ownership transfer and an improvement to real property, and to provide that the General Assembly by law shall provide a base year for determining initial fair market value?

Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."