Current Status Bill Number:3621 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19950216 Primary Sponsor:Boan, All Sponsors:Boan, J. Harris, McTeer, Keegan and Kennedy Drafted Document Number:BR1\18158HTC.95 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax assessments
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19950216 Introduced, read first time, 30 HWM
referred to Committee
View additional legislative information at the LPITS web site.
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 THE PROPERTY TAX, SO AS TO REDUCE THE ASSESSMENT RATIO ON MANUFACTURING AND UTILITY PROPERTY FROM TEN AND ONE-HALF PERCENT TO NINE PERCENT IN ONE-HALF PERCENT INCREMENTS BEGINNING IN TAX YEAR 1996 AND TO MAKE THIS AMENDMENT CONTINGENT ON A FAVORABLE VOTE IN A STATEWIDE REFERENDUM ON THE QUESTION OF INCREASING THE SALES, USE, AND CASUAL EXCISE TAX TO TAKE EFFECT JULY 1, 1996, WITH THE ADDITIONAL REVENUE USED FOR PROPERTY TAX RELIEF.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The first paragraph of Section 12-43-220(a) of the 1976 Code is amended to read:
"All real and personal property owned by or leased to manufacturers and utilities and used by the manufacturer or utility in the conduct of the business must be taxed on an assessment equal to ten and one-half the percent of the fair market value of the property provided in the following schedule:
Property Tax Year Assessment Ratio
Before 1996 10.5
1996 10.0
19979.5
After 19979.0."
SECTION 2. This act takes effect only upon the certification to the Code Commissioner of a favorable vote in a statewide referendum on the question of raising the sales, use, and casual excise tax to take effect July 1, 1996, with the additional revenues used for property tax relief.