Current Status Bill Number:77 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19950110 Primary Sponsor:McConnell All Sponsors:McConnell, Rose, Giese, Elliott Drafted Document Number:JIC\5040HTC.95 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Property taxes on mobile homes
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19950110 Introduced, read first time, 06 SF
referred to Committee
Senate 19941003 Prefiled, referred to Committee 06 SF
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TO AMEND SECTION 12-43-230, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE TREATMENT OF AGRICULTURAL REAL PROPERTY, MOBILE HOMES, AND IMPROVEMENTS TO LEASED REAL PROPERTY FOR PURPOSES OF PROPERTY TAXATION, SO AS TO PROVIDE THAT MOBILE HOMES ASSESSED FOR PROPERTY TAX PURPOSES AT FOUR OR SIX PERCENT MUST BE VALUED IN A MANNER THAT INCLUDES AN ELEMENT FOR DEPRECIATION AND TO PROVIDE THAT THE DEPARTMENT OF REVENUE AND TAXATION SHALL PRESCRIBE GUIDELINES FOR USE BY COUNTY ASSESSORS IN DETERMINING AN ANNUAL DEPRECIATION ALLOWANCE AND A RESIDUAL VALUE BELOW WHICH DEPRECIATION IS NOT ALLOWED.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-43-230 of the 1976 Code is amended by adding:
"(d) A mobile home as defined in this section which is assessed at four or six percent of fair market value for purposes of ad valorem taxation must be valued in a manner that includes an element for depreciation. The Department of Revenue and Taxation shall prescribe guidelines for use by county assessors in determining an annual depreciation allowance for such mobile homes, including a residual value below which depreciation is not allowed."
SECTION 2. This act applies for property tax years beginning after 1994.