Bill 3911

                    Current Status

Bill Number:                       3911
Type of Legislation:               General Bill GB
Introducing Body:                  House
Introduced Date:                   19970410
Primary Sponsor:                   Seithel
All Sponsors:                      Seithel, Breeland, Dantzler,
                                   Altman, Campsen, Harrell, Chellis,
                                   Inabinett, Limehouse, Whatley,
                                   Lloyd, Young-Brickell, Hinson and
                                   Byrd 
Drafted Document Number:           DKA\3991MM.97
Residing Body:                     House
Current Committee:                 Ways and Means Committee 30
                                   HWM
Subject:                           Property tax assessment,
                                   residence owned and occupied
                                   pursuant to contract of sale;
                                   Taxation

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________
House   19970410  Introduced, read first time,             30 HWM
                  referred to Committee

TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CLASSIFICATION OF RESIDENTIAL PROPERTY AND ASSESSMENT RATIOS, SO AS TO INCLUDE A RESIDENCE OWNED AND OCCUPIED PURSUANT TO A CONTRACT OF SALE.

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

SECTION 1. Section 12-43-220(c)(1) of the 1976 Code, as last amended by Act 431 of 1996, is further amended to read:

"(1) The legal residence and not more than five acres contiguous thereto, when owned totally or in part, in fee or by life estate or under a contract of sale, for which part of the purchase price has been paid and possession taken, and occupied by the owner of the interest, is taxed on an assessment equal to four percent of the fair market value of the property. If residential real property is held in trust and the income beneficiary of the trust occupies the property as a residence, then the assessment ratio allowed by this item applies if the trustee certifies to the assessor that the property is occupied as a residence by the income beneficiary of the trust. When the legal residence is located on leased or rented property and the residence is owned and occupied by the owner of a residence on leased property, even though at the end of the lease period the lessor becomes the owner of the residence, the assessment for the residence is at the same ratio as provided in this item. If the lessee of property upon which he has located his legal residence is liable for taxes on the leased property, then the property upon which he is liable for taxes, not to exceed five acres contiguous to his legal residence, must be assessed at the same ratio provided in this item. If this property has located on it any rented mobile homes or residences which are rented or any business for profit, this four percent value does not apply to those businesses or rental properties. For purposes of the assessment ratio allowed pursuant to this item, a residence does not qualify as a legal residence unless the residence is determined to be the domicile of the owner-applicant. A taxpayer may receive the four percent assessment ratio on only one residence for a tax year."

SECTION 2. This act takes effect upon approval by the Governor.