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Indicates Matter Stricken
Indicates New Matter
AMENDED
March 17, 1999
S. 11
Introduced by Senators Drummond, Elliott, Leventis, Rankin, Reese and Short
S. Printed 3/17/99--S.
Read the first time January 12, 1999.
PROPOSING AN AMENDMENT TO SECTION 1, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO ASSESSMENT RATIOS AND CLASSES OF PROPERTY FOR PURPOSES OF THE PROPERTY TAX, SO AS TO CREATE A NEW CLASS OF PERSONAL PROPERTY REQUIRED TO BE TITLED BY A STATE OR FEDERAL AGENCY, NOT INCLUDING UNITS OF MANUFACTURED HOUSING, ASSESSED AT TEN AND ONE-HALF PERCENT OF FAIR MARKET VALUE OR SOME PERCENTAGE LESS THAN TEN AND ONE-HALF PERCENT BUT NOT LESS THAN SIX PERCENT SET BY THE GOVERNING BODY OF THE COUNTY IN CONSULTATION WITH ALL PROPERTY TAXING ENTITIES IN THE COUNTY; AND PROPOSING AN AMENDMENT TO SECTION 4, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO REASSESSMENT OF REAL PROPERTY, SO AS TO ALLOW A COUNTY GOVERNING BODY TO LIMIT THE INCREASE IN REAL PROPERTY VALUE TO FIFTEEN PERCENT AS A RESULT OF A COUNTYWIDE REASSESSMENT AND EQUALIZATION AND TO PROVIDE CERTAIN EXCEPTIONS TO THIS LIMITATION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. It is proposed that Section 1(8), Article X of the Constitution of this State is amended to read:
"(8) (A) Except as provided in subitem (B) of this item, all other personal property shall must be taxed on an assessment equal to ten and one-half percent of the fair market value of such the property.
(B) Personal property otherwise assessed pursuant to subitem (A) of this item required to be titled by a state or federal agency, not including units of manufactured housing, must be taxed on an assessment equal to ten and one-half percent of fair market value or some percentage of fair market value less than ten and one-half percent but not less than six percent as may be set by the governing body of the county in consultation with all property taxing entities in the county."
SECTION 2. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:
"Must Section 1(8), Article X of the Constitution of this State, be amended so as to establish a separate class of property for purposes of the property tax consisting of personal property required to be titled by a state or federal agency, not including units of manufactured housing, which may be assessed for property tax at a percentage of fair market value less than ten and one-half percent but not less than six percent as may be set by the governing body of the county in consultation with all property taxing entities in the county?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."
SECTION 3. It is proposed that Section 4, Article X of the Constitution of this State is amended to read:
"Section 4. (A) The General Assembly shall provide for the assessment of all property for taxation, whether for state, county, school, municipal or any other political subdivision. All taxes shall be levied on that assessment. The governing body of a county may, by ordinance, determine fair market value of real property as provided in subsections (B), (C), and (D).
(B) Except as provided in subsection (C) of this section and notwithstanding any other provision of Article X, an amount of fair market value of a parcel of real property located in a county sufficient to limit to fifteen percent any valuation increase attributable to the implementation of a countywide appraisal and equalization program is exempt from ad valorem taxation.
(C) The exemption allowed by this section does not apply to:
(1) real property valued for property tax purposes by the unit valuation method;
(2) value attributable to permanent improvements made after the most recent countywide equalization program;
(3) property transferred after the most recent countywide equalization program (except property transfers between spouses or transfers that are not subject to income tax as defined by the Internal Revenue Code and incorporated by reference or otherwise enacted by the General Assembly);
(4) the computation of the index of taxpaying ability or other formulas as may be enacted regarding state aid for public education (K-12);
(5) the computation of the debt ceiling limitation.
(D) The governing body of a county by ordinance may implement the provisions of this section to the prior countywide appraisal and equalization program, provided a taxpayer is not eligible for a refund of past property taxes based upon the enactment of an ordinance authorized by this section."
SECTION 4. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:
"Must Section 4 of Article X of the Constitution of this State be amended so as to limit, with certain exceptions, the increase in value to fifteen percent for a parcel of real property as a result of a countywide reassessment?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."
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