South Carolina General Assembly
113th Session, 1999-2000

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Bill 458

Indicates Matter Stricken
Indicates New Matter

                    Current Status

Bill Number:                      458
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  19990204
Primary Sponsor:                  Passailaigue
All Sponsors:                     Passailaigue
Drafted Document Number:          l:\s-res\elp\001fair.whb.doc
Residing Body:                    Senate
Current Committee:                Finance Committee 06 SF
Subject:                          Property tax assessments, countywide 
                                  reassessment; exceptions, value increases, 
                                  appraisal and equalization program


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  19990204  Introduced, read first time,           06 SF
                  referred to Committee


                             Versions of This Bill
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND ARTICLE 3, CHAPTER 37, TITLE 12, CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-224 TO PROVIDE THAT THE FAIR MARKET VALUE OF OWNER OCCUPIED RESIDENTIAL PROPERTY MAY NOT INCREASE MORE THAN: (1) THE VALUE OF PERMANENT IMPROVEMENTS; AND (2) FIFTEEN PERCENT MORE THAN 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, AS LONG AS THE PROPERTY REMAINS OCCUPIED BY THE SAME OWNER OR BY THE SPOUSE THEREOF; AND TO PROVIDE THAT WHEN THE PROPERTY IS TRANSFERRED, THE COUNTY ASSESSOR SHALL SET THE FAIR MARKET VALUE.

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 12-37-224. (A) For the purposes of ad valorem taxation, the fair market value of owner occupied residential property assessed pursuant to Section 12-43-220(c) may not increase more than:

(1) an amount equal to the value of permanent improvements, as defined by the Department of Revenue, made by the owner occupant after acquiring title; and

(2) fifteen percent more than the average percentage 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 effective as of the date of transfer, which value shall appertain to the transferee, and should the transferee qualify as an owner occupant, fair market value may only be increased during his term of ownership in accordance with subsection (A)."

SECTION 2. This act takes effect upon approval by the Governor.

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