Current Status Bill Number:3533 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19950208 Primary Sponsor:Rogers All Sponsors:Rogers Drafted Document Number:JIC\5334HTC.95 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax assessments, four percent ratio
Body Date Action Description Com Leg Involved
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House 19950208 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CLASSIFICATION OF PROPERTY AND ASSESSMENT RATIOS FOR PURPOSES OF AD VALOREM TAXATION, SO AS TO PROVIDE THAT OWNER-OCCUPIED RESIDENTIAL PROPERTY QUALIFIES FOR THE FOUR PERCENT ASSESSMENT RATIO FOR A PROPERTY TAX YEAR IF THE OWNER OCCUPIED THE PROPERTY FOR SOME PERIOD DURING THE TAX YEAR AND AT THE TIME OF APPLICATION AND TO PROVIDE FOR ASSESSMENT OF RESIDENTIAL PROPERTY CERTIFIED FOR OCCUPANCY AFTER THE BEGINNING OF THE TAX YEAR.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The first paragraph of Section 12-43-220(c) of the 1976 Code, as last amended by Act 164 of 1993, is further amended to read:
"The legal residence and not more than five acres contiguous thereto, when owned totally or in part in fee or by life estate and occupied by the owner of the interest, is taxed on an assessment equal to four percent of the fair market value of the property. If residential real property is held in trust and the income beneficiary of the trust occupies the property as a residence, then the assessment ratio allowed by this item applies if the trustee certifies to the assessor that the property is occupied as a residence by the income beneficiary of the trust. When the legal residence is located on leased or rented property and the residence is owned and occupied by the owner of a residence on leased property, even though at the end of the lease period the lessor becomes the owner of the residence, the assessment for the residence is at the same ratio as provided in this item. If the lessee of property upon which he has located his legal residence is liable for taxes on the leased property, then the property upon which he is liable for taxes, not to exceed five acres contiguous to his legal residence, must be assessed at the same ratio provided in this item. If this property has located on it any rented mobile homes or residences which are rented or any business for profit, this four percent value does not apply to those businesses or rental properties. This subsection (c) is not applicable unless the owner of the property or his agents make written application apply therefor to the county assessor on or before the first penalty date for taxes due for the first tax year in which the assessment under this article is made and certify to the following statement: `Under the penalty of perjury I certify that I meet the qualifications for the special assessment ratio for a legal residence as of January first of for the appropriate tax year'.
To qualify for this special assessment ratio, the owner-occupant must have actually occupied the residence for some period during the tax year prior to the date of application and remain an owner-occupant at the time of application. However, when a new or renovated residential property has been certified for occupancy after the beginning of a tax year, the property must be assessed as provided in item (e) on the unimproved value of the property."
SECTION 2. This act takes effect upon approval by the Governor and applies with respect to property tax years beginning after 1994.