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TO AMEND SECTION 12-43-360, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE AUTHORITY OF THE GOVERNING BODY OF A COUNTY TO REDUCE THE ASSESSMENT RATIO OTHERWISE APPLICABLE TO GENERAL AVIATION AIRCRAFT SUBJECT TO PROPERTY TAX IN A COUNTY TO A RATIO NOT LESS THAN FOUR PERCENT OF FAIR MARKET VALUE, SO AS TO EXTEND SIMILAR PROVISIONS TO BOATS SUBJECT TO PROPERTY TAX IN A COUNTY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-43-360 of the 1976 Code, as added by Act 30 of 2003, is amended to read:
"Section 12-43-360. (A) The governing body of a county by ordinance may reduce the assessment ratio otherwise applicable in determining the assessed value of general aviation aircraft subject to property tax in the county to a ratio not less than four percent of the fair market value of the general aviation aircraft. The ordinance must apply uniformly to all general aviation aircraft subject to property tax in the county.
(B) 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 to a ratio not less than four 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 2. This act takes effect upon approval by the Governor.
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