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Current Status Bill Number:View additional legislative information at the LPITS web site.3349 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20010125 Primary Sponsor:Bales All Sponsors:Bales Drafted Document Number:l:\council\bills\dka\4032mm01.doc Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax assessments, countywide appraisal program, improvements included in exemption; Taxation History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 20010125 Introduced, read first time, 30 HWM referred to Committee 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 OWNER-OCCUPIED RESIDENTIAL REAL PROPERTY SUFFICIENT TO LIMIT TO FIFTEEN PERCENT INCREASES IN THE VALUE OF SUCH PROPERTY ATTRIBUTABLE TO COUNTYWIDE APPRAISAL AND EQUALIZATION PROGRAMS, TO INCLUDE IMPROVEMENTS IN THE EXEMPTION, TO PROVIDE THAT THE EXEMPTION IS NOT TRANSFERRED WITH THE PROPERTY, AND TO PROVIDE EXCEPTIONS; AND TO REPEAL SECTION 12-37-223 RELATING TO GIVING COUNTIES THE OPTION TO LIMIT THE INCREASE IN REAL PROPERTY VALUE BY ORDINANCE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B) of the 1976 Code, as last amended by Act 387 of 2000, is further amended by adding an appropriately numbered item at the end to read:
"( )(a) An amount of fair market value of a parcel of owner-occupied residential real property, classified pursuant to Section 12-43-220(c) and 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. The exemption allowed by this item does 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) Notwithstanding any other provision of law, the assessed value of property exempted from property tax by this item is considered taxable property for purposes of computing the index of taxpaying ability pursuant to Section 59-20-20(3)."
SECTION 2. Section 12-37-223 of the 1976 Code is repealed.
SECTION 3. 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 December 31, 2000.
SECTION 4. This act takes effect upon approval by the Governor.
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