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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 REASSESSMENT YEARS WITH A REASSESSMENT YEAR MILLAGE RATE CALCULATED TO PRODUCE NO MORE THAN ONE PERCENT ADDITIONAL PROPERTY TAX REVENUE THAN 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 DELETE AUTHORIZATION FOR MILLAGE RATE INCREASES EQUAL TO INCREASES IN THE CONSUMER PRICE INDEX WITHOUT A POSITIVE MAJORITY VOTE OF THE GOVERNING BODY; 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 reassessment program conducted pursuant to Section 12-43-217, the property tax millage for operations 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 plus an additional one percent."
SECTION 2. Section 6-1-320(A) of the 1976 Code is amended to read:
"(A) Notwithstanding Section 12-37-251(E), a 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 consumer price index for the preceding calendar year as provided in this section. However, in the year in which a reassessment program is implemented, the rollback a millage rate not to exceed the 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."
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, 2006.
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