Current Status Bill Number:3068 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970114 Primary Sponsor:Limehouse All Sponsors:Limehouse, Altman and Whatley Drafted Document Number:jic\5168htc.97 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax exemption, historic, fair market value; taxation
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ House 19970114 Introduced, read first time, 30 HWM referred to Committee House 19961218 Prefiled, referred to Committee 30 HWMView additional legislative information at the LPITS web site.
TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT AN AMOUNT OF FAIR MARKET VALUE OF AN OWNER-OCCUPIED RESIDENTIAL PROPERTY DESIGNATED AS AN HISTORIC PROPERTY REPRESENTED BY THE DIFFERENCE IN THE FAIR MARKET VALUE OF THE DESIGNATED PROPERTY AND A SIMILAR PROPERTY NOT DESIGNATED.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B) of the 1976 Code is amended by adding an appropriately numbered item at the end to read:
"( ) An amount of the fair market value of property assessed pursuant to Section 12-43-220(c) designated as `historic' under the qualifications provided in Section 4-9-195(B)(1) represented by the difference between the fair market value of the designated property and the fair market value of a similar property not designated."
SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 1996.