Current Status Introducing Body:House Bill Number:3038 Primary Sponsor:Smith Committee Number:30 Type of Legislation:GB Subject:Property tax exemptions, limit one-year increases Residing Body:House Current Committee:Ways and Means Computer Document Number:3038 Introduced Date:Jan 08, 1991 Last History Body:House Last History Date:Jan 08, 1991 Last History Type:Introduced and read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Smith Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
3038 House Jan 08, 1991 Introduced and read first 30
time, referred to Committee
3038 House Dec 12, 1990 Prefiled, referred to 30
Committee
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TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT AN AMOUNT OF FAIR MARKET VALUE OF REAL PROPERTY SUFFICIENT TO LIMIT ONE-YEAR INCREASES IN TOTAL PROPERTY TAXES ON THE PROPERTY TO FIFTEEN PERCENT AND TO PROVIDE EXCEPTIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220B of the 1976 Code, as amended, is further amended by adding an appropriately numbered item to read:
"( ) An amount of the fair market value of real property sufficient to provide a fifteen percent a year limit on increases in the total property tax due on the property. This exemption does not apply to increases attributable to improvements or reclassification."
SECTION 2. Upon approval by the Governor, this act is effective with respect to property taxes due for the 1991 taxable year.