Current Status Bill Number:544 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19970318 Primary Sponsor:Wilson All Sponsors:Wilson Drafted Document Number:bbm\9251mm.97 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Property tax assessments, four percent ratio includes dwellings occupied by immediate family; Taxation
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19970318 Introduced, read first time, 06 SF
referred to Committee
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TO AMEND SECTION 12-43-220(c)(1), AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE FOUR PERCENT ASSESSMENT RATIO FOR PROPERTY TAXATION OF LEGAL RESIDENCES, SO AS TO INCLUDE ADDITIONAL DWELLINGS OCCUPIED BY IMMEDIATE FAMILY MEMBERS.
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 and occupied by the owner of the interest, and additional dwellings located on the same property and occupied by immediate family members of the owner of the interest, are 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 for property tax years beginning after 1997.