South Carolina General Assembly
118th Session, 2009-2010

Download This Bill in Microsoft Word format

Indicates Matter Stricken
Indicates New Matter

H. 4024

STATUS INFORMATION

General Bill
Sponsors: Rep. Bowers
Document Path: l:\council\bills\gjk\20349sd09.docx

Introduced in the House on May 12, 2009
Currently residing in the House Committee on Ways and Means

Summary: Property tax exemptions

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   5/12/2009  House   Introduced and read first time HJ-54
   5/12/2009  House   Referred to Committee on Ways and Means HJ-54

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

5/12/2009

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-462 SO AS TO PROVIDE FOR AN EXEMPTION FROM THE PROPERTY TAX ON RESIDENTIAL PROPERTY CONSISTING OF THREE OR FEWER UNITS IN AMOUNTS OF FAIR MARKET VALUE SUFFICIENT TO EQUAL AN ASSESSMENT RATIO OF FOUR PERCENT ON THE PROPERTY AND TO DEFINE RESIDENTIAL PROPERTY.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Article 3, Chapter 37, Title 12 of the 1976 Code is amended by adding:

"Section 12-37-462.    There is exempt from the property tax an amount of fair market value on residential property consisting of three or fewer units sufficient to equal an assessment ratio of four percent on the residential property. For purposes of this section 'residential property' means that property subject to the assessment provided pursuant to Section 1(5), Article X of the Constitution of this State and Section 12-43-220(e), used for residential purposes if the property has no more than three individual units. Regardless of ownership or configuration, all units in a structure or complex of structures must be aggregated for purposes of determining eligibility for the exemption allowed by this section."

SECTION    2.    This act take effect upon approval of the Governor and applies to property tax years beginning after 2008.

----XX----

This web page was last updated on Monday, October 10, 2011 at 12:22 P.M.