South Carolina General Assembly
111th Session, 1995-1996

Bill 256


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                       256
Type of Legislation:               General Bill GB
Introducing Body:                  Senate
Introduced Date:                   19950110
Primary Sponsor:                   McConnell 
All Sponsors:                      McConnell, O'Dell, Elliott, Rose
                                   
Drafted Document Number:           JIC\5100HTC.95
Residing Body:                     Senate
Current Committee:                 Finance Committee 06 SF
Subject:                           Property tax exemptions



History


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

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 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT OWNER-OCCUPIED RESIDENTIAL PROPERTY FROM INCREASES IN FAIR MARKET VALUE OCCURRING DURING AND AFTER THE TWENTY-FIFTH YEAR OF CONTINUOUS OWNERSHIP 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 value of residential real property assessed pursuant to Section 12-43-220(c) equal to increases in such value resulting from reassessments occurring during and after the twenty-fifth year the current owner has owned the property until the ownership changes. This exemption does not extend to increases in fair market value attributable to permanent improvements made to the property. For purposes of this exemption, the acquisition of residential property assessed pursuant to Section 12-43-220(c) by interspousal gift or by a surviving spouse by devise or operation of law is not considered a change of ownership."

SECTION 2. Upon approval by the Governor, this act is effective for increases in fair market value occurring for tax years after 1994.

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