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TO AMEND SECTION 12-37-224, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX ON MOTOR HOMES, SO AS TO PROVIDE THAT THE FAIR MARKET VALUE OF A MOTOR HOME SUBJECT TO PROPERTY TAX AS A PRIMARY OR SECOND RESIDENCE, THE MOTOR HOME MUST BE VALUED IN THE MANNER THAT MOTOR VEHICLES ARE VALUED FOR PROPERTY TAX PURPOSES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-224 of the 1976 Code, as last amended by Act 386 of 2006, is further amended to read:
"Section 12-37-224. A motor home on which the interest portion of indebtedness is deductible pursuant to the Internal Revenue Code as an interest expense on a qualified primary or second residence is also a primary or second residence for purposes of ad valorem property taxation in this State and is considered real property rather than personal property for property tax purposes. By ordinance, the governing body of a county may extend the provisions of this section to a boat that meets the same qualifications required for motor homes pursuant to this section.
The fair market value of a motor home classified for property tax purposes as a primary or second residence pursuant to this section must be determined in the manner that motor vehicles are valued for property tax purposes."
SECTION 2. This act takes effect upon approval by the Governor and applies for real property tax years beginning after 2006.
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