Current Status Bill Number:
4699Ratification Number: 489Act Number: 401Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 19960305Primary Sponsor: StuartAll Sponsors: Stuart, Wilkins and HarrisonDrafted Document Number: pfm\8077htc.96Date Bill Passed both Bodies: 19960530Governor's Action: U Became law without signature of GovernorDate of Governor's Action: 19960606Subject: Homestead exemption, rollback millage defined
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 CommitteeView additional legislative information at the LPITS web site.
(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".
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."
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.