Current Status Bill Number:3240 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19950112 Primary Sponsor:Richardson All Sponsors:Richardson, McKay and Harvin Drafted Document Number:council\legis\bills\jic\5184htc.95 Companion Bill Number:440 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Amenities
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19950112 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-43-234 SO AS TO PROVIDE THAT THERE MUST BE DEDUCTED FROM THE APPRAISED VALUE OF AMENITIES OWED BY A PLANNED UNIT DEVELOPMENT ASSOCIATION AN AMOUNT EQUAL TO THE IMPUTED VALUE OF ACCESS TO THE AMENITIES INCLUDED IN THE APPRAISED VALUE OF EACH RESIDENTIAL LOT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 3, Chapter 43, Title 12 of the 1976 Code is amended by adding:
"Section 12-43-234. In assessing the value of association-owned amenities of a planned unit residential development consisting of individual lots of real property in which lot ownership requires membership in the association holding title to the amenities and the amenities are for the exclusive use of the residents and their guests, the assessor shall impute an amount of the fair market value of each lot attributable to the value of the access to the amenities based on comparable sales without this access. The total of the amount imputed for each lot must be deducted from the appraised value of the amenities."
SECTION 2. This act takes effect upon approval by the Governor and applies for property tax years beginning after 1994.