South Carolina General Assembly
114th Session, 2001-2002

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Bill 3571

Indicates Matter Stricken
Indicates New Matter

                    Current Status

Bill Number:                      3571
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20010215
Primary Sponsor:                  Bowers
All Sponsors:                     Bowers
Drafted Document Number:          l:\council\bills\pt\1092sd01.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Property tax assessments, four percent 
                                  assessment ratio; certain property when 
                                  occupied may qualify for; Taxation


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20010215  Introduced, read first time,           30 HWM
                  referred to Committee


              Versions of This Bill
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CLASSIFICATION OF PROPERTY FOR AD VALOREM TAX PURPOSES AND THE ASSESSMENT RATIOS APPLICABLE TO SUCH PROPERTY, SO AS TO PROVIDE THAT MULTI-UNIT RESIDENTIAL REAL PROPERTY CONTAINING FOUR UNITS OR LESS WHICH EACH UNIT OCCUPANT OCCUPIES AS HIS PRINCIPAL RESIDENCE ON A RENTAL OR OWNERSHIP BASIS SHALL BE TAXED ON AN ASSESSMENT EQUAL TO FOUR PERCENT OF THE FAIR MARKET VALUE OF SUCH PROPERTY.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 12-43-220(e) of the 1976 Code is amended to read:

    "(e)    All other real property not herein provided for shall be taxed on an assessment equal to six percent of the fair market value of such property; except that multi-unit residential real property containing four units or less which each unit occupant occupies as his principal residence on a rental or ownership basis shall be taxed on an assessment equal to four percent of the fair market value of such property."

SECTION    2.    This act takes effect upon approval by the Governor.

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