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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-2645, SO AS TO INCORPORATE BY REFERENCE FOR PROPERTY TAX PURPOSES THE DEFINITION OF PRIVATE PASSENGER MOTOR VEHICLE USED IN THE MOTOR VEHICLE LICENSING AND REGISTRATION LAW AND INCREASE THE WEIGHT LIMIT FOR PICKUP TRUCKS FOR PURPOSES OF THIS DEFINITION AND TO AMEND SECTION 12-37-220, AS AMENDED, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT FROM PROPERTY TAX A PERCENTAGE OF THE FAIR MARKET VALUE OF A MOTORCYCLE, NOT USED IN A TRADE OR BUSINESS, SUFFICIENT TO PRODUCE AN ASSESSED VALUE OF THE MOTORCYCLE EQUAL TO THE ASSESSED VALUE THAT WOULD APPLY IF THE MOTORCYCLE WERE INCLUDED WITHIN THE DEFINITION OF PRIVATE PASSENGER MOTOR VEHICLE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 21, Chapter 37, Title 12 of the 1976 Code is amended by adding:
"Section 12-37-2645. For purposes of determining the appropriate assessment ratio used in the calculation of the assessed value of a motor vehicle and for defining those motor vehicles subject to the assessment ratios provided in Section 1(8)(B)(a) of Article X of the Constitution of this State, the definition of 'private passenger motor vehicle' provided in Section 56-3-630 applies except that in the case of pickup trucks, the empty weight and gross weight limits provided in that definition are increased respectively to nine thousand pounds or less and eleven thousand pounds or less.
SECTION 2. Section 12-37-220(B) of the 1976 Code is amended by adding an appropriately numbered item at the end to read:
"( ) A percentage of the fair market value of a motorcycle not used in a trade or business sufficient to produce an assessed value of the motorcycle equal to the assessed value that would apply if the motorcycle were included in the definition of private passenger motor vehicle provided in Section 12-37-2645."
SECTION 3. This act takes effect upon approval by the Governor and applies with respect to motor vehicle tax years beginning after the last day of the second month following the month in which this act was approved by the Governor..
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