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Bill 4906

                    Current Status

Bill Number:                      4906
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20000412
Primary Sponsor:                  Robinson
All Sponsors:                     Robinson
Drafted Document Number:          l:\council\bills\nbd\11964mm00.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Property taxes, delinquent; interest 
                                  payment, percentage rates, redemption period; 
                                  Taxation


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20000412  Introduced, read first time,           30 HWM
                  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 REAL PROPERTY SOLD FOR DELINQUENT TAXES, SO AS TO PROVIDE THAT INTEREST ON THE WHOLE AMOUNT OF THE TAX SALE BID ACCRUES AT THE RATE OF THREE, SIX, NINE, OR TWELVE PERCENT, INCREASING BY THREE PERCENTAGE POINTS FOR EACH SUCCESSIVE THREE MONTHS OF THE REDEMPTION PERIOD, AND TO PROVIDE THAT INTEREST DUE MAY NOT EXCEED THE BID ON THE PROPERTY SUBMITTED BY THE FORFEITED LAND COMMISSION.

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. (A) 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, may redeem each item of real estate by paying to the person officially charged with the their collection, of the delinquent taxes, assessments, penalties, and costs, together with eight percent interest as provided in subsection (B) 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, If the purchaser assigns his interest in any real property purchased at a delinquent tax sale, before the expiration of the redemption period, the grantee from the successful bidder shall furnish the person officially charged with the collection of delinquent taxes a conveyance, witnessed and notarized conveyance. 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.

(B)(1) Interest accrues on the whole amount of the delinquent tax sale bid according to the following schedule, based on the month of the redemption period the property is redeemed:

Month of Redemption Interest Imposed

First three months three percent

Months four, five, and six six percent

Months seven, eight, and nine nine percent

Final three months twelve percent

(2) The amount of interest due at any time during the redemption period may not exceed the amount of the bid on the property submitted on behalf of the Forfeited Land Commission pursuant to Section 12-51-55."

SECTION 2. This act takes effect upon approval by the Governor and applies to redemptions of property sold at delinquent tax sales held after that date.

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