Current Status Bill Number:573 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19970326 Primary Sponsor:Alexander All Sponsors:Alexander Drafted Document Number:gjk\20396htc.97 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Property tax assessments, four percent ratio; provisions for establishment of ownership; Taxation
Body Date Action Description Com Leg Involved
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Senate 19970326 Introduced, read first time, 06 SF
referred to Committee
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TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CLASSIFICATION OF PROPERTY AND THE APPLICABLE ASSESSMENT RATIOS FOR PURPOSES OF THE PROPERTY TAX, SO AS TO ESTABLISH OWNERSHIP AS OF DECEMBER THIRTY-FIRST PRECEDING THE TAX YEAR AS THE DATE BY WHICH RESIDENTIAL PROPERTY MUST BE OWNED BY THE OWNER-OCCUPANT IN ORDER TO QUALIFY FOR THE FOUR PERCENT ASSESSMENT RATIO ALLOWED FOR OWNER-OCCUPIED RESIDENTIAL PROPERTY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-43-220(c)(2)(i) of the 1976 Code, as last amended by Section 24, Act 431 of 1996, is further amended to read:
"(i) To qualify for the special property tax assessment ratio allowed by this item, the owner-occupant must have actually owned and occupied the residence as his legal residence and been domiciled at that address for some period during on or before December thirty-first preceding the applicable tax year for which the assessment ratio is first claimed and remain in that status at the time of filing the application required by this item."
SECTION 2. Upon approval of the Governor, this act is effective for property tax years beginning after 1997.