Current Status Bill Number:352 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19950110 Primary Sponsor:Giese All Sponsors:Giese, Passailaigue, Glover, Bryan, Reese, Rose and Russell Drafted Document Number:JIC\5123HTC.95 Companion Bill Number:3188, 3216 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
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-257, SO AS TO EXEMPT FROM PROPERTY TAX THAT AMOUNT OF FAIR MARKET VALUE OF RESIDENTIAL PROPERTY QUALIFYING FOR THE HOMESTEAD EXEMPTION WHICH REPRESENTS INCREASES IN THE FAIR MARKET VALUE OF THE PROPERTY OCCURRING AFTER THE PROPERTY FIRST QUALIFIES FOR THE HOMESTEAD EXEMPTION, TO PROVIDE AN EXCEPTION, AND TO PROVIDE FOR REIMBURSEMENT TO TAXING ENTITIES FOR TAXES NOT COLLECTED AS A RESULT OF THIS EXEMPTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 3, Chapter 37, Title 12 of the 1976 Code is amended by adding:
"Section 12-37-257. (A) In addition to the exemption amount allowed for the homestead exemption pursuant to Section 12-37-250, an additional amount of fair market value of property qualifying for the homestead exemption equal to increases in fair market value occurring after the later of 1994 or the year after the property first qualifies for the homestead exemption is exempt from ad valorem taxation. This exemption does not extend to increases in fair market value attributable to permanent improvements made to the property after the property qualifies for the homestead exemption but this exemption does extend to increases in fair market value attributable to routine maintenance performed on the property.
(B) The reimbursement provisions of Section 12-37-270 apply for the exemption allowed by this section in the same manner that reimbursements are made pursuant to that section for the homestead exemption."
SECTION 2. This act takes effect upon approval by the Governor and applies for tax years beginning after 1994 and fair market value increases occurring after 1994.