Current Status Bill Number:255 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19950110 Primary Sponsor:McConnell All Sponsors:McConnell, O'Dell, Giese, Elliott, Rose Drafted Document Number:JIC\5101HTC.95 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Property tax exemptions
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19950110 Introduced, read first time, 06 SF
referred to Committee
Senate 19941114 Prefiled, referred to Committee 06 SF
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TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT PROPERTY RECEIVING THE HOMESTEAD EXEMPTION FROM INCREASES IN FAIR MARKET VALUE DUE TO REASSESSMENT AND TO PROVIDE EXCEPTIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B) of the 1976 Code is amended by adding an appropriately numbered item to read:
"( ) an amount of the fair market of residential real property receiving the homestead exemption pursuant to Section 12-37-250 equal to increases in fair market value of the property resulting from reassessments occurring while the property qualifies for the homestead exemption. When the property no longer qualifies for the homestead exemption or ownership changes, not including changes which otherwise allow the exemption to continue, the exemption allowed by this item expires. The exemption allowed by this item does not extend to increases in fair market value attributable to permanent improvements."
SECTION 2. Upon approval by the Governor, this act applies for increases in fair market value occurring for tax years after 1994.