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TO AMEND SECTION 12-37-2680, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DETERMINATION OF THE ASSESSED VALUE OF A VEHICLE BY A COUNTY AUDITOR, SO AS TO PROVIDE THAT IN DETERMINING THE FAIR MARKET VALUE OF A NEW MOTOR VEHICLE FOR AD VALOREM PROPERTY TAX PURPOSES TO WHICH THE APPLICABLE ASSESSMENT APPLIES, THE COUNTY AUDITOR SHALL USE THE MANUFACTURER'S SUGGESTED RETAIL PRICE OF THE VEHICLE, THE VALUE PUBLISHED IN THE GUIDE OF THE DEPARTMENT OF REVENUE, OR THE ACTUAL PRICE PAID BY THE OWNER BASED ON THE BILL OF SALE, WHICHEVER IS LOWER.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-2680 of the 1976 Code is amended to read:
"Section 12-37-2680. (A) The assessed value of the vehicle must be determined as of the first day of the month preceding the beginning of the tax year for the vehicles. The assessed values must be published in guides or manuals by the South Carolina Department of Revenue and provided to the auditor of each county as often as may be necessary to provide for current values. When the value of any vehicle is not set forth in the guide or manual the auditor shall determine the value from other available information.
(B) In determining the fair market value of a new motor vehicle for ad valorem property tax purposes to which the applicable assessment applies, the county auditor shall use the manufacturer's suggested retail price of the vehicle, the value as published in the guide or manual of the department, or the actual price paid by the owner based on the bill of sale, whichever is lower."
SECTION 2. This act takes effect upon approval by the Governor.
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