Current Status Bill Number:4104 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19950412 Primary Sponsor:Felder All Sponsors:Felder Drafted Document Number:bbm\10158jm.95 Companion Bill Number:320 Residing Body:House Current Committee:Labor, Commerce and Industry Committee 26 HLCI Subject:Real estate transfer fees
Body Date Action Description Com Leg Involved
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House 19950412 Introduced, read first time, 26 HLCI
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 6-1-90, SO AS TO PROVIDE THAT A COUNTY OR MUNICIPALITY, BUT NOT BOTH, MAY BY ORDINANCE IMPOSE A FEE ON THE TRANSFER OF REAL PROPERTY, PROVIDE CERTAIN CONDITIONS UNDER WHICH THE FEE MAY BE IMPOSED, AND PROVIDE FOR RELATED MATTERS; AND TO REPEAL SECTION 6-1-70, RELATING TO LOCAL GOVERNMENT, REAL ESTATE TRANSFER FEES, AND REMITTANCE TO THE STATE TREASURER.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 1, Title 6 of the 1976 Code is amended by adding:
"Section 6-1-90. (A) A county or municipality, but not both, may by ordinance impose a fee on the transfer of real property. If the real property is located within the municipal limits, the fee may be imposed by the municipality. If the real property is located in an unincorporated area, the fee may be imposed by the county.
(B) The revenue generated by the real estate transfer fee must be specifically allocated and used for a dedicated purpose as specified in the ordinance.
(C) This section does not apply to any purchase of timber described in Section 36-2-107 even if such transfers are recordable.
(D) A transfer fee imposed under this section may not exceed one-fourth of one percent of the purchase price."
SECTION 2. Section 6-1-70 of the 1976 Code is repealed.
SECTION 3. This act takes effect upon approval by the Governor.