Bill 3654

                    Current Status

Bill Number:                       3654
Type of Legislation:               Joint Resolution JR
Introducing Body:                  House
Introduced Date:                   19970313
Primary Sponsor:                   Bauer
All Sponsors:                      Bauer, Altman, Felder,
                                   J. Brown, Campsen, Seithel, Cotty,
                                   J. Hines, Bailey, Inabinett,
                                   Barfield, Allison, Chellis, Cato,
                                   Mason, Meacham, Knotts, Koon,
                                   Fleming, Simrill, D. Smith, Whatley,
                                   Bowers, Phillips, Stille, Walker,
                                   Easterday, Rodgers, McKay, Trotter,
                                   Neilson, Gamble, R. Smith, Young,
                                   Barrett, Sandifer, Koon,
                                   Witherspoon, Davenport, Tripp,
                                   Wilder, McLeod, Riser, Harvin,
                                   Leach, Littlejohn, Young-Brickell,
                                   Haskins, Lee, Jordan and Pinckney
                                   
Drafted Document Number:           jic\5214htc.97
Residing Body:                     House
Current Committee:                 Ways and Means Committee 30
                                   HWM
Subject:                           Property tax assessment ratio,
                                   separate class when titled by state
                                   or federal agency; ratio for new
                                   class, Taxation

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________
House   19970313  Introduced, read first time,             30 HWM
                  referred to Committee

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, AND TO PROVIDE THE ASSESSMENT RATIOS FOR THE NEW CLASS.

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 is 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 seconnd calendar year

following the year of ratification

of this subitem: 7.5

(iii) Property tax years beginning after

the second calendar year following the

year of ratification of this subitem 6.0"

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 and one-half percent of fair market value declining to a permanent rate of six percent over three years?

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'."