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INTRODUCED
March 8, 2000
S. 1224
S. Printed 3/8/00--S.
Read the first time March 8, 2000.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-223A SO AS TO AUTHORIZE A COUNTY GOVERNING BODY BY ORDINANCE TO LIMIT THE INCREASE IN REAL PROPERTY VALUE TO FIFTEEN PERCENT AS THE RESULT OF A COUNTYWIDE REASSESSMENT AND EQUALIZATION PROGRAM AND TO SPECIFY THE APPLICATION OF THIS PROVISION, TO PROVIDE CERTAIN EXCEPTIONS AND AUTHORIZE THE COUNTY GOVERNING BODY TO ALLOW THE ORDINANCE TO APPLY RETROACTIVELY, AND TO REPEAL SECTION 12-37-223.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 37, Title 12 of the 1976 Code is amended by adding:
"Section 12-37-223A. As authorized by Section 3, Article X of the South Carolina Constitution, the General Assembly hereby authorizes the governing body of a county by ordinance to exempt an amount of fair market value of real property located in the county sufficient to limit to fifteen percent any valuation increase attributable to the implementation in the county of the most recent countywide appraisal and equalization program or the most recent countywide appraisal equalization program conducted pursuant to Section 12-43-217. An 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 property or improvements not previously taxed, such as new construction, and for renovation of existing structures;
(3) property transferred after the implementation of the most recent countywide equalization program or the most recent countywide equalization program conducted pursuant to Section 12-43-217, except property transfers that are not subject to income tax pursuant to Sections 102, 351, 355, 368, 721, 1031, 1033, or 1041 of the Internal Revenue Code as defined in Section 12-6-40.
Assessed value exempted from ad valorem taxation by an ordinance enacted pursuant to this section is nevertheless considered taxable property for purposes of any formula using assessed value of property to determine state aid to school districts for public education and computing the bonded indebtedness limit for a political subdivision or school district.
The ordinance allowed by this section may be given retroactive effect, but shall not affect taxes due prior to its enactment."
SECTION 2. Section 12-37-223, as added by Act 93 and as amended by Act 119 and Part II, Section 68 of Act 100, all from 1999, is repealed.
SECTION 3. This act takes effect upon approval by the Governor.
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