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S. 664
STATUS INFORMATION
General Bill
Sponsors: Senators Richardson, Ryberg, Hutto, Mescher, Ravenel and Ritchie
Document Path: l:\council\bills\swb\5388sd03.doc
Introduced in the Senate on April 24, 2003
Currently residing in the Senate Committee on Finance
Summary: Boats, property taxes
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 4/24/2003 Senate Introduced and read first time SJ-31 4/24/2003 Senate Referred to Committee on Finance SJ-31
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-225 SO AS TO PROVIDE THE MAXIMUM PROPERTY TAXES ON ANY BOAT IS LIMITED TO FIVE THOUSAND DOLLARS A YEAR, AND TO ALLOW A PROPERTY TAX EXEMPTION FOR EVERY BOAT EQUAL TO THAT AMOUNT OF FAIR MARKET VALUE NECESSARY TO LIMIT THE PROPERTY TAXES ON THE BOAT TO NO MORE THAN FIVE THOUSAND DOLLARS FOR ONE PROPERTY TAX YEAR; AND BY ADDING SECTION 12-43-365 SO AS TO ALLOW THE GOVERNING BODY OF A COUNTY BY ORDINANCE TO REDUCE THE ASSESSMENT RATIO APPLICABLE TO ALL BOATS SUBJECT TO PROPERTY TAX IN THE COUNTY TO AN AMOUNT NOT LESS THAN TWO PERCENT OF THE FAIR MARKET VALUE OF THE BOAT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 3, Chapter 37, Title 12 of the 1976 Code is amended by adding:
"Section 12-37-225. Notwithstanding the manner in which property taxes on boats are determined, the maximum property taxes on any boat is limited to five thousand dollars a year, and a property tax exemption is allowed for every boat equal to that amount of the boat's fair market value necessary to limit the property taxes on the boat to no more than five thousand dollars for one property tax year."
SECTION 2. Article 3, Chapter 43, Title 12 of the 1976 Code is amended by adding:
"Section 12-43-365. The governing body of a county by ordinance may reduce the assessment ratio otherwise applicable in determining the assessed value of boats subject to property tax in the county. The ratio must be not less than two percent of the fair market value of the boat. The ordinance must apply uniformly to all boats subject to property tax in the county."
SECTION 3. This act takes effect upon approval by the Governor and applies for property tax years beginning after 2002.
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