Current Status Bill Number:4695 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19980225 Primary Sponsor:Limehouse All Sponsors:Limehouse, Campsen, Altman, H. Brown, Breeland, Whatley, Mack, Seithel, Whipper, Rodgers Drafted Document Number:bbm\9669mm.98 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax assessments, reassessments; owner-occupied, limit on increases, countywide programs, Taxation
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19980311 Co-Sponsor added (Rule 5.2) by Rep. Rodgers
House 19980225 Introduced, read first time, 30 HWM
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND ARTICLE 3, CHAPTER 37, TITLE 12, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ASSESSMENT OF PROPERTY TAXES, BY ADDING SECTION 12-37-224 SO AS TO PROVIDE THAT THE FAIR MARKET VALUE OF OWNER OCCUPIED RESIDENTIAL PROPERTY MAY NOT INCREASE MORE THAN THE VALUE OF PERMANENT IMPROVEMENTS AND THE PERCENTAGE INCREASE IN THE ASSESSED VALUE OF ALL TAXABLE PROPERTIES IN THE COUNTY IN THE YEAR IMMEDIATELY PRECEDING A COUNTYWIDE REASSESSMENT AND THE YEAR OF A COUNTYWIDE REASSESSMENT, SO LONG AS THE PROPERTY REMAINS OCCUPIED BY THE SAME OWNER OR BY HIS SPOUSE; AND TO PROVIDE THAT THE COUNTY ASSESSOR SET THE FAIR MARKET VALUE WHEN THE PROPERTY IS TRANSFERRED.
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 12-37-224. (A) For purposes of ad valorem taxation, and in addition to the provisions of Section 12-43-280, the fair market value of owner-occupied residential property assessed pursuant to Section 12-43-220(c) may not increase more than an amount equal to the value of permanent improvements, as defined by the Department of Revenue, made by the owner-occupant after acquiring title and the percentage increase in the assessed value of all taxable properties in the county in the year immediately preceding a countywide reassessment and the year of a countywide reassessment.
(B) When the property is transferred, other than between spouses, the county assessor shall determine the fair market value of the property in the hands of the transferee, effective as of the date of transfer. If the transferee qualifies as an owner-occupant, fair market value may be increased during his term of ownership only in accordance with subsection (A).
SECTION 2. Upon approval by the Governor, this act takes effect for tax years beginning after December 31, 1998.