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Indicates Matter Stricken
Indicates New Matter
RECALLED
May 29, 2008
S. 1313
Introduced by Senators Knotts, Peeler, Williams, Elliott, Ford, Vaughn, Grooms, Malloy, Cromer, Bryant, Courson, Setzler, McConnell, Ceips, Ritchie, Cleary, Campsen, Short, McGill, Patterson, Reese, Ryberg, Fair, Thomas, Campbell, Anderson, Drummond, Pinckney, Jackson, Alexander, Leatherman, O'Dell, Lourie, Matthews, Martin, Rankin, Hayes and Verdin
S. Printed 5/29/08--H.
Read the first time May 20, 2008.
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) 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.
(B) A county assessor may establish reasonable criteria by July 1st of each property tax year to determine if a bond for title, lease-purchase agreement, contract for sale, or other type of contractual agreement between the purchaser and the seller meets the requirements of subsection (A). The criteria must remain in effect for the property tax year and must apply equally to all applicable property during the property tax year. The assessor must make the criteria available to the public when it is established.
(C) To qualify for the four percent assessment ratio pursuant to this section, a person who owns an equitable interest in a parcel of real property must record the agreement conveying the equitable interest in the office of the register of mesne conveyances or the clerk of court in those counties where the office of the register of mesne conveyances has been abolished."
SECTION 2. Section 12-43-220(c)(2)(i) of the 1976 Code is amended to read:
"(2)(i) To qualify for the special property tax assessment ratio allowed by this item, the owner-occupant must have actually owned and occupied the residence as his legal residence and been domiciled at that address for some period during the applicable tax year. A residence which has been qualified as a legal residence for any part of the year is entitled to the four percent assessment ratio provided in this item for the entire year, for the exemption from property taxes levied for school operations pursuant to Section 12-37-251 for the entire year, and for the homestead exemption under Section 12-37-250, if otherwise eligible, for the entire year. A single-member limited liability company where the single member is an individual and that is not taxed for South Carolina income tax purposes as a corporation shall be considered an owner-occupant for purposes of the special property tax assessment ratio allowed by this item, if the single-member limited liability company is able to meet all the requirements of subsection (c)."
SECTION 3. This act takes effect upon approval by the Governor.
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