Current Status Bill Number:263 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19950110 Primary Sponsor:McConnell All Sponsors:McConnell, Elliott, Rose Drafted Document Number:JIC\5104HTC.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 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.