South Carolina General Assembly
111th Session, 1995-1996

Bill 4699


                    Current Status

Bill Number:                    4699
Ratification Number:            489
Act Number:                     401
Type of Legislation:            General Bill GB
Introducing Body:               House
Introduced Date:                19960305
Primary Sponsor:                Stuart
All Sponsors:                   Stuart, Wilkins and Harrison 
Drafted Document Number:        pfm\8077htc.96
Date Bill Passed both Bodies:   19960530
Governor's Action:              U  Became law without signature of
                                Governor
Date of Governor's Action:      19960606
Subject:                        Homestead exemption, rollback
                                millage defined

History



Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

------  19960613  Act No. A401
------  19960606  Unsigned, became law without
                  signature of Governor
------  19960530  Ratified R489
Senate  19960530  Read third time, enrolled for
                  ratification
Senate  19960523  Read second time, notice of
                  general amendments
Senate  19960424  Committee report: Favorable              06 SF
Senate  19960402  Introduced, read first time,             06 SF
                  referred to Committee
House   19960329  Read third time, sent to Senate
House   19960328  Unanimous consent for third
                  reading on the next Legislative day
House   19960328  Read second time
House   19960327  Committee report: Favorable              25 HJ
House   19960305  Introduced, read first time,             25 HJ
                  referred to Committee

View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A401, R489, H4699)

AN ACT TO AMEND SECTION 12-37-251, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE HOMESTEAD EXEMPTION FROM SCHOOL OPERATING TAXES AND ROLLBACK MILLAGE LIMITATIONS, SO AS TO DEFINE "ROLLBACK MILLAGE".

Rollback millage

SECTION 1. Section 12-37-251(E) of the 1976 Code, as added by Act 145 of 1995, is amended to read:

"(E) In the year of reassessment the millage rate for all real and personal property must not exceed the rollback millage, except that the rollback millage may be increased by the percentage increase in the consumer price index for the year immediately preceding the year of reassessment. Rollback millage is calculated by dividing the prior year property tax revenues by the adjusted total assessed value applicable in the year the values derived from a countywide equalization and reassessment program are implemented. This amount of assessed value must be adjusted by deducting assessments added for property or improvements not previously taxed, for new construction, and for renovation of existing structures."

Time effective

SECTION 2. Upon approval by the Governor, this act is effective for property tax years beginning after 1995.

Became law without the signature of the Governor -- 6/6/96.