Current Status Bill Number:440 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19950201 Primary Sponsor:Cork All Sponsors:Cork Drafted Document Number:jic\5330htc.95 Companion Bill Number:3240 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Amenities
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ Senate 19950201 Introduced, read first time, 06 SF referred to CommitteeView additional legislative information at the LPITS web site.
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 OWNED 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 PARCEL.
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 parcels of real property, including condominium ownership, in which parcel 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 parcel 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 parcel 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.