South Carolina House Bill 3966 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on April 23 2009 - 25% progression, died in committee
Action: 2009-04-23 - Referred to Committee on Ways and Means HJ-278
Pending: House Ways and Means Committee

A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-226 SO AS TO PROVIDE THAT THE ASSESSMENT RATIO ON A HOMEOWNER'S PRINCIPAL RESIDENCE SHALL REMAIN AT FOUR PERCENT UNTIL THE END OF THE CALENDAR YEAR FOLLOWING THE YEAR IN WHICH THE HOMEOWNER VACATES THE PROPERTY IF THE HOMEOWNER IS ATTEMPTING TO SELL THE PROPERTY THROUGH A REAL ESTATE BROKER OR BY OWNER AND IT REMAINS UNSOLD AND NOT RENTED; TO PROVIDE THAT THE PROVISIONS OF THIS SECTION SHALL BE CONSTRUED AS PROVIDING A PROPERTY TAX EXEMPTION FROM THE AMOUNT OF ANY PROPERTY TAX INCREASE RESULTING FROM THE ASSESSMENT RATIO INCREASING FROM FOUR PERCENT TO SIX PERCENT AND NOT AS PROVIDING A CHANGE IN ASSESSMENT RATIO; AND TO PROVIDE THAT IF THE PRINCIPAL RESIDENCE IS SOLD, RENTED, OR OTHERWISE UNDERGOES AN ASSESSABLE TRANSFER OF INTEREST, THE APPLICABLE ASSESSMENT RATIO SHALL BE DETERMINED IN THE MANNER PROVIDED BY LAW.

Provide That The Assessment Ratio On A Homeowner's Principal Residence Shall Remain At Four Percent Until The End Of The Calendar Year Following The Year In Which The Homeowner Vacates The Property If The Homeowner Is Attempting To Sell The Property Through A Real Estate Broker Or By Owner And It Remains Unsold And Not Rented; To Provide That The Provisions Of This Section Shall Be Construed As Providing A Property Tax Exemption From The Amount Of Any Property Tax Increase Resulting From The Assessment Ratio Increasing From Four Percent To Six Percent And Not As Providing A Change In Assessment Ratio; And To Provide That If The Principal Residence Is Sold, Rented, Or Otherwise Undergoes An Assessable Transfer Of Interest, The Applicable Assessment Ratio Shall Be Determined In The Manner Provided By Law.

Rep. Murrell Smith [R]

Date	Chamber	Action
2009-04-23		Referred to Committee on Ways and Means HJ-278
2009-04-23		Introduced and read first time HJ-277

Chapter	Article	Section	Citation Type	Statute Text
12	37	226	(n/a)	See Bill Text

Type	Source
Summary	https://www.scstatehouse.gov/cgi-bin/web_bh10.exe?bill1=3966&session=118