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TO AMEND SECTION 12-43-217, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PERIODIC COUNTYWIDE PROPERTY TAX REASSESSMENT PROGRAMS, SO AS TO PROVIDE THAT THE DEPARTMENT OF REVENUE MAY NOT APPROVE FOR IMPLEMENTATION A COUNTYWIDE REASSESSMENT PROGRAM UNLESS THAT PLAN HAS A MEDIAN APPRAISAL LEVEL AS NEAR TO ONE HUNDRED PERCENT OF FAIR MARKET VALUE FOR ALL PROPERTY AND EACH CLASS OF PROPERTY AS MAY BE ACHIEVED USING GENERALLY ACCEPTED ASSESSING PRINCIPALS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-43-217 of the 1976 Code, as last amended by Act 399 of 2000, is further amended by adding an appropriately lettered subsection at the end to read:
"( ) Notwithstanding any other provision of law, including Regulation 117-1720.2 of the South Carolina Code of State Regulations, the Department of Revenue may not approve for implementation a countywide reassessment program unless that program has a median appraisal level as near to one hundred percent of fair market value for all property and each class of property as may be achieved using generally accepted assessing principles."
SECTION 2. This act takes effect upon approval by the Governor and applies to countywide reassessment programs submitted for approval to the South Carolina Department of Revenue after 2011.
This web page was last updated on January 17, 2012 at 12:44 PM