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Current Status Bill Number:View additional legislative information at the LPITS web site.190 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19990112 Primary Sponsor:McConnell All Sponsors:McConnell, Reese, Wilson Drafted Document Number:l:\s-res\gfm\002prop.kad.doc Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Property taxes, delinquent; interest payment provisions, assessment on per annum basis; Taxation History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 19990113 Introduced, read first time, 06 SF referred to Committee Senate 19981216 Prefiled, referred to Committee 06 SF Versions of This Bill
TO AMEND SECTION 12-51-90, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REDEMPTION OF REAL PROPERTY SOLD FOR DELINQUENT PROPERTY TAXES, SO AS TO PROVIDE THAT THE INTEREST THAT MUST BE PAID BY A DELINQUENT TAXPAYER WHO IS REDEEMING REAL PROPERTY MUST BE ASSESSED ON A PER ANNUM BASIS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-51-90 of the 1976 Code is 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 per annum 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 per annum. 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. This act takes effect upon approval by the Governor.
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