Current Status Introducing Body:Senate Bill Number:317 Ratification Number:107 Act Number:54 Primary Sponsor:Lourie Type of Legislation:GB Subject:Homestead exemption, equal interest provision deleted Companion Bill Number:3030 Date Bill Passed both Bodies:May 09, 1991 Computer Document Number:317 Governor's Action:S Date of Governor's Action:May 27, 1991 Introduced Date:Jan 08, 1991 Date of Last Amendment:Jan 30, 1991 Last History Body:------ Last History Date:May 27, 1991 Last History Type:Act No. 54 Scope of Legislation:Statewide All Sponsors:Lourie Giese Passailaigue Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
317 ------ May 27, 1991 Act No. 54
317 ------ May 27, 1991 Signed by Governor
317 ------ May 21, 1991 Ratified R 107
317 House May 09, 1991 Read third time, enrolled for
ratification
317 House May 08, 1991 Read second time
317 House Apr 25, 1991 Committee Report: Favorable 30
317 House Feb 06, 1991 Introduced, read first time, 30
referred to Committee
317 Senate Feb 05, 1991 Read third time, sent to House
317 Senate Jan 30, 1991 Amended, read second time,
ordered to third reading with
notice of general amendments
317 Senate Jan 29, 1991 Committee Report: Favorable 06
317 Senate Jan 08, 1991 Introduced and read first 06
time, referred to Committee
317 Senate Nov 26, 1990 Prefiled, referred to 06
Committee
View additional legislative information at the LPITS web site.
(A54, R107, S317)
AN ACT TO AMEND SECTION 12-37-250, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE HOMESTEAD EXEMPTION, SO AS TO DELETE THE PROVISION THAT EACH OWNER OF A PART OF THE FEE OR LIFE ESTATE OWNS EQUAL INTEREST IN THE HOMESTEAD AND PROVIDE THAT A PERCENTAGE OF OWNERSHIP LESS THAN FIVE PERCENT IS CONSIDERED TO BE FIVE PERCENT.
Be it enacted by the General Assembly of the State of South Carolina:
Homestead tax exemption to be granted
SECTION 1. The last paragraph of Section 12-37-250 of the 1976 Code is amended to read:
"The homestead tax exemption must be granted in the amount in this paragraph to those persons who own a dwelling in part in fee or in part for life when the persons satisfy the other conditions of the exemption. The amount of the exemption must be determined by multiplying the percentage of the fee or life estate owned by the person by the full exemption. For purposes of the calculation required by this paragraph, a percentage of ownership less than five percent is considered to be five percent. The exemption may not exceed the value of the interest owned by the person."
Effective for tax years after December 31, 1990
SECTION 2. The provisions of the last paragraph of Section 12-37-250, as amended by Section 1 of this act, are effective for tax years beginning after December 31, 1990.
Time effective
SECTION 3. This act takes effect upon approval by the Governor.
Approved the 27th day of May, 1991.