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3809Type of Legislation: Joint Resolution JRIntroducing Body: HouseIntroduced Date: 19990331Primary Sponsor: Ways and Means Committee HWM 30All Sponsors: Ways and Means CommitteeDrafted Document Number: l:\council\bills\dka\3370mm99.docResiding Body: SenateCurrent Committee: Finance Committee 06 SFSubject: Property tax assessment ratio, new class of personal property, state or federal agency; TaxationHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 19990414 Introduced, read first time, 06 SF referred to Committee House 19990413 Read third time, sent to Senate House 19990408 Read second time House 19990406 Request for debate by Representative H. Brown R. Smith Woodrum Walker Haskins Riser McKay Barrett Rice Mason Sandifer Kelley House 19990331 Introduced, read first time Versions of This Bill Revised on March 31, 1999 - Word format
Indicates Matter Stricken
Indicates New Matter
March 31, 1999
S. Printed 3/31/99--H.
Read the first time March 31, 1999.
PROPOSING AN AMENDMENT TO SECTION 1(8), ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO ASSESSMENT RATIO ON "ALL OTHER PERSONAL PROPERTY", SO AS TO CREATE A NEW PROPERTY TAX CLASSIFICATION CONSISTING OF PERSONAL MOTOR VEHICLES WHICH MUST BE TITLED BY A STATE OR FEDERAL AGENCY INCLUDING PASSENGER MOTOR VEHICLES, RECREATIONAL VEHICLES, PICKUP TRUCKS, TRAILERS, MOTORCYCLES, BOATS, AND PRIVATE AIRCRAFT, AND EXCLUDING UNITS OF MANUFACTURED HOUSING AND COMMERCIALLY OPERATED AIRCRAFT, ALL AS DEFINED BY LAW, AND PROVIDING AN ASSESSMENT RATIO FOR THIS NEW CLASS EQUAL TO NINE AND SEVENTY-FIVE HUNDREDTHS PERCENT OF FAIR MARKET VALUE DECLINING OVER SIX YEARS TO A PERMANENT RATE OF SIX PERCENT AND TO PROVIDE EFFECTIVE DATES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. It is proposed that Section 1(8), Article X of the Constitution of this State be amended to read:
"(8)(A) Except as provided in subitem (B) of this item, all other personal property
shall must be taxed on an assessment equal to ten and one-half percent of the fair market value of such the property.
(B)(1) Personal motor vehicles which must be titled by a state or federal agency, including passenger motor vehicles, recreational vehicles, pickup trucks, trailers, motorcycles, boats, and private aircraft, and excluding units of manufactured housing and commercially operated aircraft, all as defined by law, must be taxed on an assessment equal to the following percentage of fair market value of the property:
Property Tax Year Percentage
year 1 9.75
year 2 9.00
year 3 8.25
year 4 7.50
year 5 6.75
year 6 6.00
(2) This subitem applies for property tax years beginning after 2001, or for earlier tax years as the General Assembly may provide by law."
SECTION 2. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:
"Must Section 1(8), Article X of the Constitution of this State relating to assessment ratio on 'all other personal property', be amended so as to establish a separate class of property for purposes of the property tax consisting of personal motor vehicles which must be titled by a state or federal agency, including passenger motor vehicles, recreational vehicles, pickup trucks, trailers, motorcycles, boats, and private aircraft, and excluding units of manufactured housing and commercially operated aircraft, all as defined by law, which must be assessed for property tax at the rate of nine and seventy-five hundredths percent of fair market value declining in equal annual reductions over six years to a permanent rate of six percent; and to define property tax year as property tax years beginning after 2001 or such earlier tax years as the General Assembly may provide by law?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."
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