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Current Status Bill Number:View additional legislative information at the LPITS web site.445 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19990203 Primary Sponsor:Bryan All Sponsors:Bryan, Passailaigue, Leatherman, Ford, McConnell, Washington, Hutto, Ravenel, Drummond, Alexander, Martin and Land Drafted Document Number:l:\s-res\jeb\005prop.whb.doc Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Property Tax Relief Fund, reimbursement from revenues credited to taxing districts; Taxation, Homestead exemption History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 19990203 Introduced, read first time, 06 SF referred to Committee Versions of This Bill
TO AMEND SECTION 12-37-251, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE PROPERTY TAX RELIEF FUND, BY PROVIDING THAT TAXING DISTRICTS MUST BE REIMBURSED ON A PER CAPITA BASIS FROM REVENUES CREDITED TO THE STATE PROPERTY TAX RELIEF FUND AND TO PROVIDE THAT NINETY PERCENT OF THE REIMBURSEMENT MUST BE PAID BY OCTOBER THIRTY-FIRST AND THE BALANCE OF THE REIMBURSEMENT MUST BE PAID NO LATER THAN THE SUCCEEDING APRIL FIRST.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-251(A)(1) of the 1976 Code, as last amended by Act 419 of 1998, is further amended to read:
"Section 12-37-251. (A)(1) The Trust Fund for Tax Relief must contain an amount equal to the revenue necessary to fund a property tax exemption of one hundred thousand dollars based on the fair market value of property classified pursuant to Section 12-43-220(c) calculated on the school operating millage imposed for tax year 1995 or the current school operating millage, whichever is lower, excluding taxes levied for bonded indebtedness and payments pursuant to lease purchase agreements for capital construction. The 1995 tax year school operating millage or the current school operating millage, whichever is lower, is the base year millage for purposes of calculating the amount necessary to fund the Trust Fund for Tax Relief in accordance with this section. However, in years in which the values resulting from a county-wide reassessment and equalization program are implemented, the base year millage must be adjusted to an equivalent millage rate in the manner that the Department of Revenue shall prescribe prescribes. Funds distributed to a taxing district as provided in subsection (B) of this section must be used to provide a uniform property tax exemption for all property in the taxing district which is classified pursuant to Section 12-43-220(c), excluding taxes levied for bonded indebtedness and payments pursuant to lease purchase agreements for capital construction."
SECTION 2. Section 12-37-251(B) of the 1976 Code is amended to read:
"(B) School Taxing districts must be reimbursed, in the manner provided in Section 12-37-270, for the revenue lost as a result of the homestead exemption provided in this section except that on a per capita basis from revenues credited to the State Property Tax Relief Fund. ninety Ninety percent of the reimbursement must be paid in the last quarter of the calendar year on December first by October thirty-first and the balance paid no later than the succeeding April first. If amounts received by a school district pursuant to this distribution are insufficient to reimburse fully for the base year operating millage, the county shall calculate a school operating millage sufficient to make up the shortfall which must be imposed on all property classified pursuant to Section 12-43-220(c) without regard to the exemption allowed pursuant to this section. Amounts received by a district in excess of the amount necessary to reimburse the district for the base year operating millage may be retained by the district."
SECTION 3. This act takes effect upon approval by the Governor.
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