Current Status Bill Number:1357 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19960416 Primary Sponsor:Martin All Sponsors:Martin Drafted Document Number:res9996.lam Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Property tax exemption, land used to build residential
Body Date Action Description Com Leg Involved
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Senate 19960416 Introduced, read first time, 06 SF
referred to Committee
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TO AMEND SECTION 12-37-220, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EXEMPTIONS FROM AD VALOREM PROPERTY TAX, SO AS TO INCREASE THE LAND AREA AVAILABLE FOR AN EXEMPTION FROM FIFTEEN TO FIFTY ACRES FOR REAL PROPERTY USED TO BUILD OR RENOVATE RESIDENTIAL STRUCTURES BY CHARITABLE ENTITIES WHEN THE PROPERTY IS TO BE SOLD ON A NON-PROFIT BASIS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B)(16)(b) of the 1976 Code is amended to read:
"(b) The property of any religious, charitable, or eleemosynary society, corporation, or other association when the property is acquired for the purpose of building or renovating residential structures on it for not-for-profit sale to economically disadvantaged persons, but this exemption may not be claimed for more than five tax years on a single property. Further, the total properties for which the religious, charitable, or eleemosynary society, corporation, or other association may claim this exemption in accordance with this paragraph may not exceed fifteen fifty acres per county within the State."
SECTION 2. This act takes effect upon approval by the Governor.