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Current Status Bill Number:View additional legislative information at the LPITS web site.199 Ratification Number:16 Act Number:10 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:20010124 Primary Sponsor:Leatherman All Sponsors:Leatherman, Peeler, Giese, McConnell, Wilson, Mescher, Ravenel, Richardson, Waldrep, Branton, Ritchie, Martin, Alexander, Verdin, Grooms, Reese, Courson Drafted Document Number:l:\council\bills\pt\1154dw01.doc Companion Bill Number:3418 Date Bill Passed both Bodies:20010223 Governor's Action:U Signature of Governor not required Date of Governor's Action:20010306 Subject:Property tax assessment, new class of personal motor vehicle titled by state or federal agency; Taxation, State-owned History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20010330 Act No. A10 ------ 20010306 Signature of Governor not required ------ 20010306 Ratified R16 House 20010223 Read third time, enrolled for ratification House 20010222 Read second time, unanimous consent for third reading on the next Legislative day House 20010220 Recalled from Committee 30 HWM House 20010220 Introduced, read first time, 30 HWM referred to Committee Senate 20010215 Read third time, sent to House Senate 20010208 Co-Sponsor added by Senator Courson Senate 20010201 Co-Sponsor added by Senator Reese Senate 20010201 Co-Sponsor added by Senator Grooms Senate 20010201 Read second time, notice of general amendments ------ 20010201 Companion Bill No. 3418 ------ 20010201 Scrivener's error corrected Senate 20010131 Committee report: Favorable 06 SF Senate 20010124 Introduced, read first time, 06 SF referred to Committee Versions of This Bill Revised on January 31, 2001 - Word format Revised on February 1, 2001 - Word format Revised on February 20, 2001 - Word format
(A10, R16, S199)
AN ACT TO RATIFY AN AMENDMENT TO SECTION 1(8), 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 ESTABLISH A NEW CLASS OF PROPERTY CONSISTING OF PERSONAL MOTOR VEHICLES WHICH MUST BE TITLED BY A STATE OR FEDERAL AGENCY AND LIMITED TO PASSENGER MOTOR VEHICLES AND PICKUP TRUCKS AS DEFINED BY LAW ASSESSED FOR PROPERTY TAX AT NINE AND SEVENTY-FIVE HUNDREDTHS PERCENT OF FAIR MARKET VALUE REDUCED IN ANNUAL INCREMENTS OF SEVENTY-FIVE HUNDREDTHS OF ONE PERCENT OVER SIX YEARS TO A PERMANENT RATE OF SIX PERCENT OF FAIR MARKET VALUE AND TO PROVIDE THAT THESE REVISED ASSESSMENT RATIOS AND THE NEW CLASS OF PROPERTY APPLIES FOR PROPERTY TAX YEARS BEGINNING AFTER 2001 OR IN EARLIER TAX YEARS AS THE GENERAL ASSEMBLY MAY PROVIDE BY LAW.
Be it enacted by the General Assembly of the State of South Carolina:
Assessment ratios revised
SECTION 1. The amendment to Section 1(8), Article X of the Constitution of South Carolina, 1895, prepared under the terms of Joint Resolution 130 of 1999, having been submitted to the qualified electors at the general election of 2000 as prescribed in Section 1, Article XVI of the Constitution of South Carolina, 1895, and a favorable vote having been received on the amendment, is ratified and declared to be a part of the Constitution so that Section 1(8) of Article X is amended to read:
"(8)(A) Except as provided in subitem (B) of this item, all other personal property must be taxed on an assessment equal to ten and one-half percent of the fair market value of the property.
(B)(1) Personal motor vehicles which must be titled by a state or federal agency, limited to passenger motor vehicles and pickup trucks, as defined by law, must be taxed on an assessment equal to the following percentage of fair market value of the property:
Property Tax Year Percentage
year 1 9.75
year 2 9.00
year 3 8.25
year 4 7.50
year 5 6.75
year 6 and after 6.00
(2) This subitem applies for property tax years beginning after 2001 or for earlier tax years as the General Assembly may provide by law."
Ratified the 6th day of March, 2001.
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