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Bill 665

                    Current Status

Bill Number:                      665
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  19990330
Primary Sponsor:                  Land
All Sponsors:                     Land, Alexander and Waldrep
Drafted Document Number:          l:\s-res\jcl\0044% a.kad.doc
Residing Body:                    Senate
Current Committee:                Finance Committee 06 SF
Subject:                          Property tax assessments, four percent 
                                  ratio allowed certain; six percent to new 
                                  owner; Taxation


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  19990330  Introduced, read first time,           06 SF
                  referred to Committee


                             Versions of This Bill

TO AMEND SECTION 12-43-220 OF THE CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO REASSESSMENT CLASSIFICATIONS, SO AS TO ALLOW THE FOUR PERCENT ASSESSMENT RATIO TO REMAIN FOR THE ENTIRE YEAR UPON A TRANSFER IN OWNERSHIP OF REAL PROPERTY ASSESSED AT FOUR PERCENT PRIOR TO THE TRANSFER; TO ALLOW PROPERTY ASSESSED AT SIX PERCENT PRIOR TO THE TRANSFER TO QUALIFY AS FOUR PERCENT PROPERTY FOR THE ENTIRE YEAR, IF THE NEW OWNER DOES NOT QUALIFY DURING THE TAX YEAR FOR THE FOUR PERCENT RATIO WITH RESPECT TO ANOTHER PARCEL OF PROPERTY; TO PROVIDE THAT THE SIX PERCENT RATIO SHALL CONTINUE TO APPLY IF THE NEW OWNER HAS PREVIOUSLY QUALIFIED IN THE TAX YEAR FOR THE FOUR PERCENT RATIO WITH RESPECT TO ANOTHER PARCEL OF PROPERTY; AND TO DELETE THE PROVISION AUTHORIZING APPORTIONMENT OF THE TAX YEAR WHEN PROPERTY WAS TRANSFERRED FROM A PERSON QUALIFYING FOR THE FOUR PERCENT ASSESSMENT RATIO TO A PERSON QUALIFYING FOR THE SIX PERCENT ASSESSMENT RATIO.

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

SECTION 1. Item (c)(2)(vi) of Section 12-43-220 of the 1976 Code is amended to read:

"(vi) No further applications are necessary from the current owner while the property for which the initial application was made continues to meet the eligibility requirements. If a change in ownership occurs, another application is required. The owner shall notify the assessor of any change in classification within six months of the change. If a change in ownership occurs and the new owner does not qualify for the four percent assessment ratio, the six percent assessment ratio shall apply to the property only for the portion of the tax year in which the property is owned by the new owner. For the portion of the tax year in which the person qualifying for the four percent assessment ratio owned the property, the four percent assessment ratio shall apply. The property shall continue to meet the eligibility requirements for the four percent assessment ratio for the remainder of the taxable year. If a transfer of ownership occurs with regard to property which qualified for the six percent assessment ratio prior to the transfer, the property shall qualify for the four percent assessment ratio for the entire taxable year if the new owner does not qualify for the four percent assessment ratio with respect to another parcel or property. If the new owner qualifies for the four percent assessment ratio with respect to another parcel of property during the tax year, the six percent ratio shall continue to apply to the property."

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

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