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PROPOSING AN AMENDMENT TO ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO FINANCE AND TAXATION, BY ADDING A NEW SECTION 1A SO AS TO PROVIDE THAT FAIR MARKET VALUE OF REAL PROPERTY FOR PURPOSES OF PROPERTY TAX MEANS ITS FAIR MARKET VALUE WHEN OWNERSHIP OF THE REAL PROPERTY LAST WAS TRANSFERRED, INCREASED BY THE FAIR MARKET VALUE OF IMPROVEMENTS TO THE REAL PROPERTY SINCE OWNERSHIP OF THE REAL PROPERTY LAST WAS TRANSFERRED, TO PROVIDE THAT THE GENERAL ASSEMBLY BY LAW MAY DEFINE AN OWNERSHIP TRANSFER AND AN IMPROVEMENT TO REAL PROPERTY, AND MAY ESTABLISH A BASE YEAR FOR DETERMINING INITIAL FAIR MARKET VALUE FOR PURPOSES OF THIS NEW SECTION; AND TO AMEND SECTION 3, ARTICLE X, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO PROVIDE AN ADDITIONAL EXEMPTION FROM PROPERTY TAX EQUAL TO ONE HUNDRED PERCENT OF THE FAIR MARKET VALUE OF A HOMESTEAD AS PRESCRIBED BY THE GENERAL ASSEMBLY BY LAW, AND TO PROVIDE THAT THIS ADDITIONAL EXEMPTION DOES NOT APPLY WITH RESPECT TO PROPERTY TAX IMPOSED FOR PAYMENT OF GENERAL OBLIGATION DEBT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. It is proposed that Article X of the Constitution of this State be amended by adding a new section to read:
"Section 1A. Effective for property tax years in which and after which this section is ratified, for purposes of Section 1 of this article, fair market value of real property means its fair market value when ownership of the property last was transferred, increased by the fair market value of improvements made to the real property since ownership of the real property last was transferred. The General Assembly may by law define an ownership transfer, and an improvement to real property, and provide a base year for determining initial fair market value for purposes of the definition provided in this section."
SECTION 2. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:
"Must Article X of the Constitution of this State, relating to finance and taxation, be amended by adding a new Section 1A so as to provide that the fair market value of real property for purposes of the property tax means its fair market value when ownership of the real property last was transferred, increased by the fair market value of improvements made to the real property since its ownership last was transferred, and to provide that the General Assembly by law may define an ownership transfer, and an improvement to real property, and establish a base year for determining initial fair market value for purposes of the definition?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."
SECTION 3. It is proposed that the first undesignated paragraph of Section 3, Article X of the Constitution of this State be amended by adding a new item (k) to read:
"(k) effective beginning for real property tax years in which and after which this item is ratified and in addition to the homestead exemption provided in item (i) above, an additional homestead exemption equal to one hundred percent of the fair market value of the homestead under conditions prescribed by the General Assembly by general law except that this additional exemption does not apply with respect to property tax imposed for payment of general obligation debt;"
SECTION 4. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:
"Must Section 3, Article X of the Constitution of this State, relating to exemptions from property tax, be amended so as to provide an additional exemption from property tax equal to one hundred percent of the fair market value of a homestead as prescribed by the General Assembly by law, and to provide that this exemption does not apply with respect to property tax imposed for payment of general obligation debt?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."
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