Bill 3834

                    Current Status

Bill Number:                       3834
Type of Legislation:               General Bill GB
Introducing Body:                  House
Introduced Date:                   19970408
Primary Sponsor:                   Harrell 
All Sponsors:                      Harrell 
Drafted Document Number:           jic\6072htc.97
Residing Body:                     House
Current Committee:                 Ways and Means Committee 30
                                   HWM
Subject:                           Property taxes, delinquent;
                                   rate of interest due on tax sale bid
                                   calculated without proration,
                                   Taxation

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________
House   19970408  Introduced, read first time,             30 HWM
                  referred to Committee

TO AMEND SECTIONS 12-51-90, AS AMENDED, AND 12-51-100, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO REDEMPTIONS OF REAL PROPERTY SOLD FOR DELINQUENT TAXES, SO AS TO PROVIDE THAT THE APPLICABLE RATE OF INTEREST DUE ON THE TAX SALE BID IS CALCULATED WITHOUT PRORATION AND TO CORRECT A REFERENCE TO THE APPLICABLE RATE OF INTEREST.

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

SECTION 1. Section 12-51-90 of the 1976 Code, as last amended by Act 332 of 1996, is further amended to read:

"Section 12-51-90. The defaulting taxpayer, any grantee from the owner, or any mortgage or judgment creditor may within twelve months from the date of the delinquent tax sale redeem each item of real estate by paying to the person officially charged with the collection of delinquent taxes, assessments, penalties, and costs, together with eight percent interest on the whole amount of the delinquent tax sale bid. In the case of a redemption in the last six months of the redemption period, for all real property except that classified pursuant to Section 12-43-220(c) at the time of the delinquent sale, the applicable rate of interest is twelve percent on the whole amount of the delinquent tax sale bid calculated from the date of the sale to the date of redemption. If prior to the expiration of the redemption period, the purchaser assigns his interest in any real property purchased at a delinquent tax sale, the grantee from the successful bidder shall furnish the person officially charged with the collection of delinquent taxes a conveyance, witnessed and notarized. The person officially charged with the collection of delinquent taxes shall replace the successful bidder's name and address with the grantee's name and address in the delinquent tax sale book."

SECTION 2. Section 12-51-100 of the 1976 Code is amended to read:

"Section 12-51-100. Upon the real estate being redeemed, the person officially charged with the collection of delinquent taxes shall cancel the sale in the tax sale book and note thereon the amount paid, by whom and when. The successful purchaser, at the delinquent tax sale, shall promptly be notified by mail to return the tax sale receipt to the person officially charged with the collection of delinquent taxes in order to be expeditiously refunded the purchase price plus the eight percent interest provided in Section 12-51-90."

SECTION 3. This act takes effect upon approval by the Governor and applies with respect to delinquent tax sales occurring on or after that date.