Current Status Bill Number:
263Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19950110Primary Sponsor: McConnellAll Sponsors: McConnell, Elliott, RoseDrafted Document Number: JIC\5104HTC.95Residing Body: SenateCurrent Committee: Finance Committee 06 SFSubject: 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 SFView additional legislative information at the LPITS web site.
TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT AN AMOUNT OF FAIR MARKET VALUE OF OWNER-OCCUPIED RESIDENTIAL PROPERTY SUFFICIENT TO LIMIT ONE-YEAR INCREASES IN TOTAL PROPERTY TAXES ON THE PROPERTY TO THREE PERCENT 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, as amended, is further amended by adding an appropriately numbered item to read:
"( ) An amount of the fair market value of residential property assessed pursuant to Section 12-43-220(c) sufficient to provide a three percent limit on increases in the total property tax due on the property. This exemption does not apply to increases attributable to permanent improvements."
SECTION 2. Upon approval by the Governor, this act is effective with respect to tax years beginning after 1994.