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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 6-1-325 SO AS TO PROVIDE A SPECIAL MILLAGE LIMITATION IN CERTAIN COUNTIES IMPLEMENTING COUNTYWIDE REASSESSMENT IN 2001 AND PROVIDE FOR A MILLAGE REDUCTION WHEN THE LIMIT IS EXCEEDED.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 3, Chapter 1, Title 6 of the 1976 Code is amended by adding:
"Section 6-1-325. Notwithstanding the provisions of this article and Section 12-37-251(E), in a county with a population of at least 379,616 as of the 2000 United States Census in which a reassessment program conducted pursuant to Section 12-43-217 was implemented in 2001, the millage that may be imposed by a local governing body is limited to that millage calculated to produce revenue that does not exceed property tax revenue of the local governing body in the preceding tax year by more than one percent. To the extent the millage imposed for the implementation year exceeds this limit, millage imposed by the local governing body for the succeeding tax year must be reduced by an amount sufficient to offset the excess millage."
SECTION 2. This act takes effect upon approval by the Governor.
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