South Carolina General Assembly
110th Session, 1993-1994

Bill 860

Indicates Matter Stricken
Indicates New Matter 

                    Current Status

Introducing Body:               Senate
Bill Number:                    860
Primary Sponsor:                McConnell
Committee Number:               06
Type of Legislation:            GB
Subject:                        Property tax reassessments
                                provisions
Residing Body:                  Senate
Current Committee:              Finance
Computer Document Number:       860
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
                                Leventis
                                Holland
                                Giese
                                Lander
                                Passailaigue
                                Rose
                                Greg Smith
                                Washington
Type of Legislation:            General Bill
History


Bill  Body    Date          Action Description              CMN  Leg Involved
____  ______  ____________  ______________________________  ___  ____________

860   Senate  19940111      Introduced, read first time,    06
                            referred to Committee
860   Senate  19930927      Prefiled, referred to                06
                            Committee
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 12-43-280, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LIMITATIONS ON TOTAL AD VALOREM TAX ASSESSMENT FOLLOWING REASSESSMENT, BY ADDING SUBSECTION (C) SO AS TO PROVIDE THAT THE PRINCIPAL RESIDENCE OF A PERSON WHO IS THE LEGAL OWNER SHALL BE TAXED AT THE CURRENTLY ASSESSED VALUE OF THE PROPERTY UNTIL SUCH PROPERTY IS CONVEYED BY INHERITANCE OR GIFT OR THE LEGAL OWNER CEASES USING THE PROPERTY AS A RESIDENCE OR SELLS THE PROPERTY, WHICHEVER OCCURS FIRST, AT WHICH TIME SUCH PROPERTY SHALL BE REASSESSED AT THE FAIR MARKET VALUE.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 12-43-280 of the 1976 Code is amended by adding:

"(C) Notwithstanding any other provision of law, the principal residence of a person who is the legal owner shall be taxed at the currently assessed value of the property. Such assessed value shall remain in effect until the property is conveyed by inheritance or gift or the legal owner ceases using the property as a residence or sells the property, whichever occurs first, at which time the property shall be reassessed at the fair market value for tax purposes."

SECTION 2. This act takes effect upon approval by the Governor.

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