South Carolina General Assembly
110th Session, 1993-1994

Bill 989

Indicates Matter Stricken
Indicates New Matter 

                    Current Status

Introducing Body:               Senate
Bill Number:                    989
Primary Sponsor:                Stilwell
Committee Number:               06
Type of Legislation:            GB
Subject:                        Property tax assessment, four
                                percent ratio
Residing Body:                  Senate
Current Committee:              Finance
Computer Document Number:       JIC/5300HC.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:                   Stilwell
                                Wilson
Type of Legislation:            General Bill
History


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

989   Senate  19940111      Introduced, read first time,    06
                            referred to 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 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CLASSIFICATION AND VALUATION OF PROPERTY FOR PURPOSES OF AD VALOREM TAXATION, SO AS TO ALLOW THE OWNER OF RESIDENTIAL REAL PROPERTY TO QUALIFY FOR THE FOUR PERCENT ASSESSMENT RATIO REGARDLESS OF WHEN THE OWNER ACQUIRED TITLE IF THE PROPERTY RECEIVED THE FOUR PERCENT RATIO IN A PRIOR TAX YEAR AND NO DISQUALIFYING CHANGE OF USE HAS OCCURRED IN THE INTERVAL SINCE IT LAST QUALIFIED FOR THE FOUR PERCENT RATIO.

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

SECTION 1. Section 12-43-220(c) of the 1976 Code, as last amended by Section 11, Part II, Act 164 of 1993, is further amended by adding at the end:

"The owner of a residential property who, but for date of acquisition of the property, would be eligible for the assessment ratio allowed by this item is nevertheless entitled to receive the four percent ratio on the property for the tax year in which he acquired ownership if:

(1) regardless of a subsequent change of ownership the property lawfully received the four percent assessment ratio for a prior tax year; and

(2) the property has not been converted to some disqualifying use in the interval since it last qualified for the four percent assessment ratio."

SECTION 2. This act takes effect upon approval by the Governor and applies with respect to property tax years beginning after 1993.

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