Current Status Introducing Body:House Bill Number:3604 Primary Sponsor:McAbee Committee Number:30 Type of Legislation:GB Subject:Property tax assessment ratios Residing Body:House Current Committee:Ways and Means Computer Document Number:JIC/5457HC.93 Introduced Date:19930303 Last History Body:House Last History Date:19930303 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:McAbee Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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3604 House 19930303 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 AD VALOREM TAXATION, SO AS TO PROVIDE THAT AGRICULTURAL REAL PROPERTY OWNED BY A CORPORATION WITH PUBLICLY TRADED SHARES IS ASSESSED AT EIGHT PERCENT OF FAIR MARKET VALUE FOR AGRICULTURAL PURPOSES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-43-220(d)(1)(B) of the 1976 Code is amended to read:
"(B) Six percent of its fair market value for such agricultural purposes for owners or lessees who are corporations, except for certain corporations specified in (A) above. However, if the shares of the corporation are publicly traded, the applicable assessment ratio is eight percent of fair market value for agricultural purposes."
SECTION 2. Upon approval by the Governor, this act applies with respect to tax years beginning after 1992.