Current Status Bill Number:520 Type of Legislation:Joint Resolution JR Introducing Body:Senate Introduced Date:19950215 Primary Sponsor:Leatherman All Sponsors:Leatherman, McConnell, Passailaigue, Jackson and Martin Drafted Document Number:DKA\3688HTC.95 Companion Bill Number:3620 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Property tax assessment ratio
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19950215 Introduced, read first time, 06 SF
referred to Committee
View additional legislative information at the LPITS web site.
PROPOSING AN AMENDMENT TO SECTION 1(8), ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO THE ASSESSMENT RATIO APPLICABLE TO CERTAIN PERSONAL PROPERTY FOR PURPOSES OF THE PROPERTY TAX, SO AS TO ESTABLISH A SEPARATE CLASS FOR CERTAIN PROPERTY REQUIRED TO BE TITLED BY A STATE OR FEDERAL AGENCY, TO PROVIDE THE ASSESSMENT RATIOS FOR THE NEW CLASS, AND TO PROVIDE THAT THE DETERMINATION OF THE FAIR MARKET VALUE OF MOTOR VEHICLES IN THIS CLASS MAY NOT BE BASED ON THE MILEAGE ON THE VEHICLE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. It is proposed that Section 1(8), Article X of the Constitution of this State be amended to read:
"(8) (A) Except as provided in subitem (B) of this item, all other personal property shall must be taxed on an assessment equal to ten and one-half percent of the fair market value of such the property.
(B) Personal property required to be titled by a state or federal agency, not including units of manufactured housing, must be taxed on an assessment equal to the following percentage of fair market value of the property:
Property Tax Year Percentage
(i) Property tax years beginning
in the first calendar year
following the year of
ratification of this subitem 9.0
(ii) Property tax years beginning
in the second calendar year
following the year of
ratification of this subitem 8.5
(iii) Property tax years beginning
in the third calendar year
following the year of
ratification of this subitem 8.0
(iv) Property tax years beginning
in the fourth calendar year
following the year of
ratification of this subitem 7.5
(v) Property tax years beginning
after the fourth calendar year
following the year of
ratification of this subitem 7.0
Any determination of the fair market value of a motor vehicle assessed pursuant to this subitem may not be based on the mileage on the vehicle."
SECTION 2. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:
"Must Section 1(8), Article X of the Constitution of this State, be amended so as to establish a new class of property for purposes of the property tax consisting of personal property required to be titled by a state or federal agency, not including units of manufactured housing, which must be assessed for property tax at the rate of nine percent of fair market value declining at the rate of one-half percent a year for each property tax year down to a permanent rate of seven percent, and to provide that any determination of the fair market value of a motor vehicle in this new class may not be based on the mileage on the vehicle?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word `Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word `No'."