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Bill 3663

                    Current Status

Bill Number:                      3663
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  19990303
Primary Sponsor:                  Limehouse
All Sponsors:                     Limehouse, Altman, Bales, Barfield, 
                                  Bowers, H. Brown, Campsen, Chellis, Cotty, 
                                  Gilham, Harrell, Keegan, Meacham-Richardson, 
                                  Riser, Rodgers, Sandifer, Stille, Whatley, 
                                  Witherspoon, Young-Brickell, Rutherford, 
                                  Parks, Lloyd
Drafted Document Number:          l:\council\bills\dka\3222mm99.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Property tax assessments, reassessments; 
                                  countywide appraisal program; Taxation, 
                                  Political Subdivisions


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   19990311  Co-Sponsor added (Rule 5.2) by Rep.            Rutherford
                                                                 Parks
                                                                 Lloyd
House   19990303  Introduced, read first time,           30 HWM
                  referred to Committee


                             Versions of This Bill

TO AMEND ARTICLE 3, CHAPTER 37, TITLE 12, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, BY ADDING SECTION 12-37-226 SO AS TO PROVIDE THAT AN INCREASE IN THE FAIR MARKET VALUE OF OWNER-OCCUPIED RESIDENTIAL PROPERTY IS EXEMPT FROM PROPERTY TAX TO THE EXTENT THE INCREASE EXCEEDS THE VALUE OF PERMANENT IMPROVEMENTS AND MORE THAN FIFTEEN PERCENT OF THE AVERAGE 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 12-37-226. (A) For purposes of ad valorem taxation, and in addition to the provisions of Section 12-43-280, an increase in the fair market value of owner-occupied residential property assessed pursuant to Section 12-43-220(c) is exempt from property tax in an amount exceeding the value of permanent improvements, as defined by the Department of Revenue, made by the owner-occupant after acquiring title and more than fifteen percent of the average 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, increases in fair market value during his term of ownership are exempt as provided in subsection (A)."

SECTION 2. Upon approval by the Governor, this act takes effect for increases in fair market value occurring for property tax years beginning after December 31, 1998.

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