Current Status Introducing Body:House Bill Number:3364 Primary Sponsor:Wright Committee Number:30 Type of Legislation:GB Subject:Property tax, homestead exemption Residing Body:House Current Committee:Ways and Means Computer Document Number:JIC/5269HC.93 Introduced Date:19930203 Last History Body:House Last History Date:19930203 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Wright Vaughn Simrill Quinn Sturkie Canty Neal Byrd Koon Stuart Harrison J. Bailey Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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3364 House 19930203 Introduced, read first time, 30
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-251 SO AS TO EXEMPT FROM PROPERTY TAX THAT AMOUNT OF FAIR MARKET VALUE OF RESIDENTIAL PROPERTY QUALIFYING FOR THE HOMESTEAD EXEMPTION WHICH REPRESENTS INCREASES IN THE FAIR MARKET VALUE OF THE PROPERTY OCCURRING AFTER THE PROPERTY FIRST QUALIFIES FOR THE HOMESTEAD EXEMPTION AND TO PROVIDE AN EXCEPTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 3, Chapter 37, Title 12 of the 1976 Code is amended by adding:
"Section 12-37-251. In addition to the exemption amount allowed for the homestead exemption pursuant to Section 12-37-250, an additional amount of fair market value of property qualifying for the homestead exemption equal to increases in fair market value occurring after the year the property first qualifies for the homestead exemption is exempt from ad valorem taxation. This exemption does not extend to increases in fair market value attributable to permanent improvements made to the property after the property qualifies for the homestead exemption but this exemption does extend to increases in fair market value attributable to routine maintenance performed on the property."
SECTION 2. This act takes effect upon approval by the Governor and applies for tax years beginning after 1992 and fair market value increases occurring after 1992.