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Current Status Bill Number:View additional legislative information at the LPITS web site.74 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19990112 Primary Sponsor:McConnell All Sponsors:McConnell, Passailaigue, Elliott, Wilson, McGill, Russell, Glover, Washington, Courson, Mescher, Reese, Setzler Drafted Document Number:l:\council\bills\pt\1037htc99.doc Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Property tax assessments, counties appraisal and equalization program, value increases; Political Subdivisions History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 19990112 Introduced, read first time, 06 SF referred to Committee Senate 19981118 Prefiled, referred to Committee 06 SF Versions of This Bill
TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT AN AMOUNT OF FAIR MARKET VALUE OF REAL PROPERTY SUFFICIENT TO LIMIT TO FIFTEEN PERCENT INCREASES IN THE VALUE OF SUCH PROPERTY ATTRIBUTABLE TO COUNTYWIDE APPRAISAL AND EQUALIZATION PROGRAMS, TO EXCLUDE IMPROVEMENTS FROM THE EXEMPTION, TO PROVIDE THAT THE EXEMPTION IS NOT TRANSFERRED WITH THE PROPERTY, AND TO PROVIDE EXCEPTIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B) of the 1976 Code is amended by adding an appropriately numbered item at the end to read:
"( )(a) An amount of fair market value of a parcel of real property located in the county sufficient to limit to fifteen percent any valuation increase attributable to the implementation of a countywide appraisal and equalization program. The exemption allowed by this item does not apply to real property valued for property tax purposes by the unit valuation method, nor does it apply to value attributable to permanent improvements made to the real property at any time after the implementation of the most recently completed countywide equalization program. If the real property is transferred, this exemption is not transferred with the property. The value of the property in the hands of the transferee is the value of the property as determined by law without the exemption allowed the transferor by this item.
(b) In the case of real property classified pursuant to Section 12-43-220(c), a transfer is deemed not to have occurred for purposes of this item if the transfer is one of the following:
(i) between spouses;
(ii) from a deceased spouse to a surviving spouse by devise or operation of law;
(iii) in any manner in which the surviving spouse retains the property tax exemption allowed pursuant to Section 12-37-250 or would have retained the exemption but for the age of the surviving spouse;
(iv) to a former spouse pursuant to equitable distribution arising out of the dissolution of a marriage.
(c) In the case of all real property other than as provided in subitem (b) of this item, a transfer is deemed not to have occurred for purposes of this item if the transfer is a transaction in which gain is not recognized and is described in Section 351, 355, 368, or 721 of the Internal Revenue Code of 1986, as defined in Section 12-6-40(A)."
SECTION 2. Upon approval by the Governor, this act is effective for increases in value of real property attributable to countywide appraisal and equalization programs implemented after 1998.
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