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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-43-223 SO AS TO PROVIDE THAT A PERSON WHO THROUGH A BOND FOR TITLE, LEASE-PURCHASE AGREEMENT, CONTRACT FOR SALE, OR OTHER TYPE OF CONTRACTUAL AGREEMENT OWNS AN EQUITABLE INTEREST IN A PARCEL OF REAL PROPERTY, THE LEGAL TITLE TO WHICH REMAINS IN THE SELLER, WHICH THAT PERSON MAINTAINS AS HIS LEGAL RESIDENCE QUALIFIES FOR A FOUR PERCENT ASSESSMENT RATIO THEREON IF HE MEETS ALL OTHER REQUIREMENTS PROVIDED BY LAW FOR SUCH CLASSIFICATION INCLUDING A REQUIREMENT IN THE CONTRACTUAL AGREEMENT THAT HE IS RESPONSIBLE FOR THE REAL PROPERTY TAXES ON THE PROPERTY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 43, Title 12 of the 1976 Code is amended by adding:
"Section 12-43-223. A person who through a bond for title, lease-purchase agreement, contract for sale, or other type of contractual agreement owns an equitable interest in a parcel of real property, the legal title to which remains in the seller, which that person maintains as his legal residence qualifies for a four percent assessment ratio thereon if he meets all other requirements provided by law for such classification including a requirement in the contractual agreement that he is responsible for the real property taxes on the property."
SECTION 2. This act takes effect upon approval by the Governor.
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