South Carolina General Assembly
112th Session, 1997-1998

Bill 3203


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                       3203
Type of Legislation:               General Bill GB
Introducing Body:                  House
Introduced Date:                   19970114
Primary Sponsor:                   Simrill 
All Sponsors:                      Simrill 
Drafted Document Number:           jic\5195htc.97
Residing Body:                     House
Current Committee:                 Ways and Means Committee 30
                                   HWM
Subject:                           Property tax exemption,
                                   homestead exemption, qualification
                                   for, taxation



History


Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________
House   19970114  Introduced, read first time,             30 HWM
                  referred to Committee
House   19970108  Prefiled, referred to Committee          30 HWM

View additional legislative information at the LPITS web site.


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

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-257, SO AS TO EXEMPT FROM PROPERTY TAX THAT AMOUNT OF FAIR MARKET VALUE OF RESIDENTIAL PROPERTY QUALIFYING FOR THE HOMESTEAD EXEMPTION WHICH REPRESENTS INCREASES IN THE FAIR MARKET VALUE OF THE PROPERTY OCCURRING AFTER THE PROPERTY FIRST QUALIFIES FOR THE HOMESTEAD EXEMPTION, AND TO PROVIDE AN EXCEPTION.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Article 3, Chapter 37, Title 12 of the 1976 Code is amended by adding:

"Section 12-37-257. In addition to the exemption amount allowed for the homestead exemption pursuant to Section 12-37-250, an additional amount of fair market value of property qualifying for the homestead exemption equal to increases in fair market value occurring after the later of 1996 or the year after the property first qualifies for the homestead exemption is exempt from ad valorem taxation. This exemption does not extend to increases in fair market value attributable to permanent improvements made to the property after the property qualifies for the homestead exemption but this exemption does extend to increases in fair market value attributable to routine maintenance performed on the property."

SECTION 2. This act takes effect upon approval by the Governor and applies for tax years beginning after 1996 and fair market value increases occurring after 1996.

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