Current Status Introducing Body:House Bill Number:4288 Primary Sponsor:Koon Committee Number:30 Type of Legislation:GB Subject:Property tax assessment four percent ratio Residing Body:House Current Committee:Ways and Means Computer Document Number:JIC/6068.HC Introduced Date:Jan 29, 1992 Last History Body:House Last History Date:Jan 29, 1992 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Koon Vaughn Type of Legislation:General Bill
Bill Body Date Action Description CMN
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4288 House Jan 29, 1992 Introduced, read first time, 30
referred to Committee
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TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CLASSIFICATION OF PROPERTY AND ASSESSMENT RATIOS FOR PURPOSES OF PROPERTY TAXES, SO AS TO EXTEND THE TIME FOR FILING FOR THE FOUR PERCENT RATIO APPLICABLE TO AN OWNER-OCCUPIED LEGAL RESIDENCE FROM MAY FIRST OF THE FIRST TAX YEAR FOR WHICH THE ASSESSMENT IS CLAIMED TO ANY TIME BEFORE THE FIRST PENALTY DATE FOR TAXES DUE FOR THE FIRST TAX YEAR FOR WHICH THE ASSESSMENT IS CLAIMED, TO REVISE THE DATE FOR THE PUBLISHING OF NOTICES, AND TO MAKE THE EXTENDED DATE APPLY FOR TAX YEARS BEGINNING AFTER 1990.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The first and second paragraphs of Section 12-43-220(c) of the 1976 Code, as last amended by Act 637 of 1988, are further amended to read:
"(c) 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, is taxed on an assessment equal to four percent of the fair market value of the property. 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. This subsection (c) is not applicable unless the owner of the property or his agents make written application to the county assessor on or before May first of the first penalty date for taxes due for the first tax year in which the assessment under this article is made and certify to the following statement: 'Under the penalty of perjury I certify that I meet the qualifications for the special assessment ratio for a legal residence as of January first of the current appropriate tax year'.
The assessor shall have printed in the local newspaper during the period January through April December at least five notices calling to public attention the provisions of filing the application as a prerequisite for claiming this classification. Failure to file within the prescribed time constitutes abandonment of the owner's right for this classification for the current tax year, but the local taxing authority may extend the time for filing upon a showing satisfactory to it that the person had reasonable cause for not filing on or before May first the first penalty date."
SECTION 2. Upon approval by the Governor, this act is effective for property tax years beginning after 1991.