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Current Status Bill Number:View additional legislative information at the LPITS web site.3213 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19990112 Primary Sponsor:Bowers All Sponsors:Bowers Drafted Document Number:l:\council\bills\gjk\20098sd99.doc Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax assessments, multi-unit property four units or less when principle residence, to qualify four percent ratio History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 19990112 Introduced, read first time, 30 HWM referred to Committee House 19990106 Prefiled, referred to Committee 30 HWM Versions of This Bill
TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CLASSIFICATION OF PROPERTY FOR AD VALOREM TAX PURPOSES AND THE ASSESSMENT RATIOS APPLICABLE TO SUCH PROPERTY, SO AS TO PROVIDE THAT MULTI-UNIT RESIDENTIAL REAL PROPERTY CONTAINING FOUR UNITS OR LESS WHICH EACH UNIT OCCUPANT OCCUPIES AS HIS PRINCIPAL RESIDENCE ON A RENTAL OR OWNERSHIP BASIS SHALL BE TAXED ON AN ASSESSMENT EQUAL TO FOUR PERCENT OF THE FAIR MARKET VALUE OF SUCH PROPERTY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-43-220(e) of the 1976 Code is amended to read:
"(e) All other real property not herein provided for shall be taxed on an assessment equal to six percent of the fair market value of such property; except that multi-unit residential real property containing four units or less which each unit occupant occupies as his principal residence on a rental or ownership basis shall be taxed on an assessment equal to four percent of the fair market value of such property."
SECTION 2. This act takes effect upon approval by the Governor.
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