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Indicates Matter Stricken
Indicates New Matter
May 17, 2006
S. Printed 5/17/06--S. [SEC 5/18/06 4:19 PM]
Read the first time April 6, 2006.
To whom was referred a Bill (S. 1322) to provide that a county that postponed implementation of a countywide assessment and equalization plan, conducted in 2004, may not implement the values until tax year 2007, unless the county council adopts, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
HUGH K. LEATHERMAN, SR. for Committee.
REVENUE IMPACT 1/
This bill is not expected to impact state or local revenues.
Under current law, counties can already postpone implementation of the countywide assessment and equalization program. This bill allows counties that postponed the implementation of values determined in a countywide assessment and equalization program conducted in 2004 to not implement these new values until property tax year 2007 unless the county council adopts an ordinance affirmatively implementing the values. Counties are expected to adjust millages to maintain their revenue trends, and therefore this bill is not expected to impact state or local revenues.
William C. Gillespie
Board of Economic Advisors
1/ This statement meets the requirement of Section 2-7-71 for a state revenue impact by the BEA, or Section 2-7-76 for a local revenue impact or Section 6-1-85(B) for an estimate of the shift in local property tax incidence by the Office of Economic Research.
TO PROVIDE THAT A COUNTY THAT POSTPONED IMPLEMENTATION OF A COUNTYWIDE ASSESSMENT AND EQUALIZATION PLAN, CONDUCTED IN 2004, MAY NOT IMPLEMENT THE VALUES UNTIL TAX YEAR 2007, UNLESS THE COUNTY COUNCIL ADOPTS AN ORDINANCE AFFIRMATIVELY IMPLEMENTING THE VALUES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Notwithstanding any other provision of law, a county that postponed the implementation of values determined in a countywide assessment and equalization program, conducted in 2004, may not implement the values until property tax year 2007, unless the county's county council adopts an ordinance affirmatively implementing the values.
SECTION 2. R. 227 of 2006 is hereby repealed.
SECTION 3. This act takes effect upon approval by the Governor.
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