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S. 1066
STATUS INFORMATION
General Bill
Sponsors: Senators Campsen, Grooms and Bryant
Document Path: l:\council\bills\bbm\9141htc06.doc
Introduced in the Senate on January 19, 2006
Currently residing in the Senate Committee on Finance
Summary: Rollback property tax millage rate
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/19/2006 Senate Introduced and read first time SJ-5 1/19/2006 Senate Referred to Committee on Finance SJ-5
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VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-43-275 SO AS TO REPLACE CALCULATION AND IMPOSITION OF A ROLLBACK PROPERTY TAX MILLAGE RATE FOR YEARS OF IMPLEMENTATION OF A COUNTYWIDE ASSESSMENT AND EQUALIZATION WITH A MILLAGE RATE CALCULATED TO PRODUCE NO MORE THAN ONE PERCENT ADDITIONAL PROPERTY TAX REVENUE, INCLUDING AN ALLOWANCE FOR REVENUE GROWTH, ABOVE SUCH REVENUE IN THE PRECEDING YEAR; TO AMEND SECTION 6-1-320, AS AMENDED, RELATING TO MILLAGE RATE LIMITATIONS ON LOCAL GOVERNING BODIES, SO AS TO CONFORM IT TO THE PROVISIONS OF THIS ACT; AND TO AMEND SECTION 12-37-251, AS AMENDED, RELATING TO THE RESIDENTIAL PROPERTY TAX EXEMPTION FROM SCHOOL OPERATING MILLAGE AND CALCULATION OF THE ROLLBACK TAX SO AS TO DELETE THE ROLLBACK TAX PROVISIONS MADE OBSOLETE BY THE PROVISIONS OF THIS ACT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 3, Chapter 43, Title 12 of the 1976 Code is amended by adding:
"Section 12-43-275. For the property tax year of implementation of a countywide assessment and equalization program conducted pursuant to Section 12-43-217, the property tax millage imposed for operating purposes of all property taxing entities in the county must be adjusted to a rate estimated to produce no more revenue than the total of such revenue received by the entity in the preceding property tax year, increased by a percentage equal to the average year-to-year growth of property tax revenue to the entity in the four years preceding the year of implementation, plus an additional one percent."
SECTION 2. Section 6-1-320(A) of the 1976 Code, as last amended by Act 145 of 2005, is further amended to read:
"(A) Notwithstanding Section 12-37-251(E), a local governing body may increase the millage rate imposed for general operating purposes above the rate imposed for such purposes for the preceding tax year only to the extent of the increase in the average of the twelve monthly consumer price indexes for the most recent twelve-month period consisting of January through December of the preceding calendar year. However, in the year in which a reassessment program is implemented, the rollback a millage rate not to exceed the millage rate, as calculated pursuant to Section 12-37-251(E) 12-43-275, must be used in lieu of the previous year's millage rate, and this implementation year maximum millage rate may not be increased for the implementation year by either the consumer price index adjustment allowed pursuant to this subsection or the positive majority adjustment allowed pursuant to subsection (C) of this section. This year of implementation rate may be increased as provided in subsection (B) of this section."
SECTION 3. Section 12-37-251(E) of the 1976 Code is amended to read:
"(E) Rollback millage is calculated by dividing the prior year property tax revenues by the adjusted total assessed value applicable in the year the values derived from a countywide equalization and reassessment program are implemented. This amount of assessed value must be adjusted by deducting assessments added for property or improvements not previously taxed, for new construction, and for renovation of existing structures. Reserved"
SECTION 4. This act takes effect January 1, 2007.
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