South Carolina General Assembly
110th Session, 1993-1994

Bill 885

Indicates Matter Stricken
Indicates New Matter 

                    Current Status

Introducing Body:               Senate
Bill Number:                    885
Primary Sponsor:                McConnell
Committee Number:               06
Type of Legislation:            GB
Subject:                        Property taxes on mobile
                                homes
Residing Body:                  Senate
Current Committee:              Finance
Computer Document Number:       JIC/5020HC.94
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
                                Mescher
Type of Legislation:            General Bill
History


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

885   Senate  19940111      Introduced, read first time,    06
                            referred to Committee
885   Senate  19931108      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 12-43-230, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE TREATMENT OF AGRICULTURAL REAL PROPERTY, MOBILE HOMES, AND IMPROVEMENTS TO LEASED REAL PROPERTY FOR PURPOSES OF PROPERTY TAXATION, SO AS TO PROVIDE THAT MOBILE HOMES ASSESSED FOR PROPERTY TAX PURPOSES AT FOUR OR SIX PERCENT MUST BE VALUED IN A MANNER THAT INCLUDES AN ELEMENT FOR DEPRECIATION AND TO PROVIDE THAT THE DEPARTMENT OF REVENUE AND TAXATION SHALL PRESCRIBE GUIDELINES FOR USE BY COUNTY ASSESSORS IN DETERMINING AN ANNUAL DEPRECIATION ALLOWANCE AND A RESIDUAL VALUE BELOW WHICH DEPRECIATION IS NOT ALLOWED.

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

SECTION 1. Section 12-43-230 of the 1976 Code is amended by adding:

"(d) A mobile home as defined in this section which is assessed at four or six percent of fair market value for purposes of ad valorem taxation must be valued in a manner that includes an element for depreciation. The Department of Revenue and Taxation shall prescribe guidelines for use by county assessors in determining an annual depreciation allowance for such mobile homes, including a residual value below which depreciation is not allowed."

SECTION 2. This act takes effect upon approval by the Governor and first applies for property tax year 1994.

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