Current Status Bill Number:3206 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970114 Primary Sponsor:Harvin All Sponsors:Harvin and Bauer Drafted Document Number:jic\5167htc.97 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax exemption, increase in fair market value, when; taxation
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
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TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT OWNER-OCCUPIED RESIDENTIAL PROPERTY FROM INCREASES IN FAIR MARKET VALUE OCCURRING WHILE IN THE HANDS OF THE CURRENT OWNER, AND TO PROVIDE EXCEPTIONS.
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 to read:
"( ) an amount of the fair market value of residential real property assessed pursuant to Section 12-37-220(c) equal to increases in such value resulting from reassessments occurring while the current owner has owned the property. This exemption does not extend to increases in fair market value attributable to permanent improvements. For purposes of this exemption, the acquisition of residential property assessed pursuant to Section 12-43-220(c) by interspousal gift, by a surviving spouse by devise or operation of law, or by equitable distribution pursuant to the dissolution of a marriage is not considered a change of ownership."
SECTION 2. Upon approval by the Governor, this act is effective for increases in fair market value occurring for tax years after 1996.