1999-2000 Bill 3663: Property Tax Assessments, Reassessments; Countywide Appraisal Program;

BIL: 3663

TYP: General Bill GB

INB: House

IND: 19990303

PSP: Limehouse

SPO: Limehouse, Altman, Bales, Barfield, Bowers, H.Brown, Campsen, Chellis, Cotty, Gilham, Harrell, Keegan, MeachamRichardson, Riser, Rodgers, Sandifer, Stille, Whatley, Witherspoon, YoungBrickell, Rutherford, Parks, Lloyd

DDN: l:\council\bills\dka\3222mm99.doc

RBY: House

COM: Ways and Means Committee 30 HWM

SUB: Property tax assessments, reassessments; countywide appraisal program; Taxation, Political Subdivisions

HST:

Body Date Action Description Com Leg Involved

______

House 19990311 Co-Sponsor added (Rule 5.2) by Rep. Rutherford

Parks

Lloyd

House 19990303 Introduced, read first time, 30 HWM

referred to Committee

Printed Versions of This Bill

TXT:

A BILL

TO AMEND ARTICLE 3, CHAPTER 37, TITLE 12, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, BY ADDING SECTION 1237226 SO AS TO PROVIDE THAT AN INCREASE IN THE FAIR MARKET VALUE OF OWNEROCCUPIED RESIDENTIAL PROPERTY IS EXEMPT FROM PROPERTY TAX TO THE EXTENT THE INCREASE EXCEEDS THE VALUE OF PERMANENT IMPROVEMENTS AND MORE THAN FIFTEEN PERCENT OF THE AVERAGE INCREASE IN THE ASSESSED VALUE OF ALL TAXABLE PROPERTIES IN THE COUNTY IN THE YEAR IMMEDIATELY PRECEDING A COUNTYWIDE REASSESSMENT AND THE YEAR OF A COUNTYWIDE REASSESSMENT, SO LONG AS THE PROPERTY REMAINS OCCUPIED BY THE SAME OWNER OR BY HIS SPOUSE; AND TO PROVIDE THAT THE COUNTY ASSESSOR SET THE FAIR MARKET VALUE WHEN THE PROPERTY IS TRANSFERRED.

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 1237226. (A) For purposes of ad valorem taxation, and in addition to the provisions of Section 1243280, an increase in the fair market value of owneroccupied residential property assessed pursuant to Section 1243220(c) is exempt from property tax in an amount exceeding the value of permanent improvements, as defined by the Department of Revenue, made by the owneroccupant after acquiring title and more than fifteen percent of the average increase in the assessed value of all taxable properties in the county in the year immediately preceding a countywide reassessment and the year of a countywide reassessment.

(B) When the property is transferred, other than between spouses, the county assessor shall determine the fair market value of the property in the hands of the transferee, effective as of the date of transfer. If the transferee qualifies as an owneroccupant, increases in fair market value during his term of ownership are exempt as provided in subsection (A).”

SECTION 2. Upon approval by the Governor, this act takes effect for increases in fair market value occurring for property tax years beginning after December 31, 1998.

[3663] 1