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385Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19990121Primary Sponsor: LeathermanAll Sponsors: Leatherman, GieseDrafted Document Number: l:\council\bills\kgh\15195htc99.docResiding Body: SenateCurrent Committee: Finance Committee 06 SFSubject: Property taxes, assessments, delinquent; interest rate regardless of when property redemption; TaxationHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 19990121 Introduced, read first time, 06 SF referred to Committee Versions of This Bill
TO AMEND SECTION 12-51-90, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REDEMPTION OF PROPERTY SOLD FOR DELINQUENT TAXES, SO AS TO PROVIDE THAT INTEREST ON THE AMOUNT OF THE TAX SALE BID ACCRUES AT THE RATE OF ONE PERCENT A MONTH OR PORTION OF A MONTH RATHER THAN A RATE OF EIGHT OR TWELVE PERCENT ON THE WHOLE AMOUNT REGARDLESS OF WHEN THE PROPERTY IS REDEEMED.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-51-90 of the 1976 Code, as last amended by Act 332 of 1996, is further 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 at the rate of one percent a month or part of a month 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. 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 and applies to redemptions of property sold for delinquent taxes at sales held on or after that date.
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