South Carolina General Assembly
113th Session, 1999-2000

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Bill 4852


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                      4852
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20000330
Primary Sponsor:                  Neilson
All Sponsors:                     Neilson, Frye, Gamble, J. Hines, 
                                  M. Hines, Hosey, Howard, Kelley, Lucas, Scott, 
                                  Stuart, W. McLeod, Rhoad, Knotts, Whatley
Drafted Document Number:          l:\council\bills\gjk\21161sd00.doc
Residing Body:                    Senate
Current Committee:                Finance Committee 06 SF
Date of Last Amendment:           20000426
Subject:                          Homestead exemption for certain aging or 
                                  handicapped persons, dollar amount adjustment; 
                                  Taxation, Property


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  20000502  Introduced, read first time,           06 SF
                  referred to Committee
House   20000427  Read third time, sent to Senate
House   20000426  Amended, read second time
House   20000406  Request for debate by Representative           Harrell
                                                                 Sandifer
                                                                 Hinson
                                                                 Woodrum
                                                                 Young-
                                                                 Brickell
                                                                 Witherspoon
                                                                 Bales
                                                                 Ott
                                                                 Knotts
                                                                 Riser
                                                                 Clyburn
                                                                 Kelley
                                                                 Martin
                                                                 W. McLeod
                                                                 Rhoad
                                                                 Wilder
                                                                 Allison
                                                                 Moody-
                                                                 Lawrence
                                                                 R. Smith
                                                                 Davenport
                                                                 Neilson
                                                                 J. Hines
House   20000406  Co-Sponsor added (Rule 5.2) by Rep.            Knotts
                                                                 Whatley
House   20000405  Debate adjourned until
                  Thursday, 20000406
House   20000405  Amended
House   20000405  Co-Sponsor added (Rule 5.2) by Rep.            Rhoad
House   20000404  Co-Sponsor added (Rule 5.2) by Rep.            W. McLeod
House   20000330  Introduced, read first time,
                  placed on Calendar without reference


              Versions of This Bill
Revised on March 30, 2000 - Word format
Revised on April 5, 2000 - Word format
Revised on April 26, 2000 - Word format

View additional legislative information at the LPITS web site.


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

Indicates Matter Stricken

Indicates New Matter

AMENDED

April 26, 2000

H. 4852

Introduced by Reps. Neilson, Frye, Gamble, J. Hines, M. Hines, Hosey, Howard, Kelley, Lucas, Scott, Stuart, W. McLeod, Rhoad, Knotts and Whatley

S. Printed 4/26/00--H.

Read the first time March 30, 2000.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

REVENUE IMPACT

Section 1 would increase state expenditures for the homestead exemption currently given to taxpayers 65 and over or those totally and permanently disabled or legally blind by $1,250,000 in FY 2001. Expenditures on the $100,000 property tax exemption from property taxes levied for school operations would decrease by $509,656 in FY 2001. The net expenditure increase would amount to $740,343 in FY 2001.

Section 2 would have no impact on state revenues. It would reduce local government revenue by an estimated $31,000,000. Local governments could either absorb this reduction or raise millage and shift this reduction to the other classes of property.

Section 3 would increase state expenditures for the homestead exemption by $6,275,000 in FY 2001. Expenditures on the $100,000 property tax exemption would decrease by $2,510,000 in FY 2001. The net expenditure increase would amount to $3,765,000 in FY 2001.

Explanation

Under current law taxpayers sixty-five and over or those totally and permanently disabled or legally blind receive an exemption of $20,000 off of the fair market value of their home for property tax purposes. The state currently allocates approximately $54 million to fund this exemption.

Section 1 will annually raise the homestead exemption amount by the percentage increase in the prior year's consumer price index for the southeast region. The five year compound growth rate of the consumer price index for the southeast region is 2.3%. Raising the homestead exemption by 2.3% would increase the exemption amount from $20,000 to $20,460 in the first year.

Section 2 exempts any otherwise nonexempt assessed value of a homestead receiving both the $20,000 homestead exemption for persons 65+ and the $100,000 school operations exemption if the household income of the taxpayer eligible for the $20,000 homestead exemption is less than 200% of the federal poverty level. In other words, if you receive the $20,000 homestead exemption and your income is less than 200% of poverty, you would not pay any property taxes on your home.

Section 3 allows you to claim the $20,000 homestead exemption if you have attained the age of 65 or have been classified as totally and permanently disabled, or legally blind before or during the tax year for which the exemption is claimed.

Approved By:

William C. Gillespie

Board of Economic Advisors

1/ This statement meets the requirement of Section 2-7-71 for a state revenue impact, Section 2-7-76 for a local revenue impact, and Section 6-1-85(B) for an estimate of the shift in local property tax incidence.

A BILL

TO AMEND SECTION 12-37-250, AS AMENDED, CODE OF LAWS OF 1976, RELATING TO THE ANNUAL HOMESTEAD EXEMPTION FOR TAXPAYERS SIXTY-FIVE AND OVER OR THOSE WHO ARE TOTALLY AND PERMANENTLY DISABLED OR LEGALLY BLIND, SO AS TO PROVIDE THAT THE DOLLAR AMOUNT OF THE HOMESTEAD EXEMPTION SHALL BE ADJUSTED ANNUALLY BEGINNING IN 2000 BY THE COMPTROLLER GENERAL TO REFLECT ANY PERCENTAGE INCREASE IN THE PRIOR YEAR'S CONSUMER PRICE INDEX FOR THE SOUTHEAST REGION AS PUBLISHED BY THE UNITED STATES DEPARTMENT OF LABOR.

Amend Title To Conform

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 12-37-250 of the 1976 Code, as last amended by Act 107 of 1997, is further amended by adding a new paragraph at the end:

"The dollar amount of the homestead exemption provided for herein shall be adjusted annually beginning in 2000 by the Comptroller General to reflect any percentage increase in the prior year's consumer price index for the southeast region as published by the United States Department of Labor."

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

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