Current Status Introducing Body:Senate Bill Number:844 Primary Sponsor:McConnell Committee Number:06 Type of Legislation:GB Subject:Property tax reassessments Residing Body:Senate Current Committee:Finance Computer Document Number:844 Introduced Date:19940111 Last History Body:Senate Last History Date:19940111 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:McConnell Rose O'Dell Greg Smith Giese Lander Martin Reese Washington Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
844 Senate 19940111 Introduced, read first time, 06
referred to Committee
844 Senate 19930913 Prefiled, referred to 06
Committee
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TO AMEND CHAPTER 43, TITLE 12, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO NOTICE OF TAX ASSESSMENT INCREASES, BY ADDING SECTION 12-43-300(D), SO AS TO PROVIDE THAT REASSESSMENT MAY NOT INCREASE THE VALUE OF RESIDENTIAL PROPERTY IN TAX DOLLARS BY MORE THAN FIVE PERCENT WITHIN ANY ONE YEAR UNTIL SUCH PROPERTY IS CONVEYED BY SALE OR INHERITANCE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-43-300 of the 1976 Code is amended by adding:
"(D) Notwithstanding any other provision of law, reassessment may not increase the value of residential property in tax dollars by more than five percent within in any one year until such property is conveyed by sale or inheritance."
SECTION 2. This act takes effect upon approval of the Governor.