SC S518 | 2009-2010 | 118th General Assembly
Status
Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on March 4 2009 - 25% progression, died in committee
Action: 2009-03-04 - Referred to Committee on Finance SJ-7
Pending: Senate Finance Committee
Status: Introduced on March 4 2009 - 25% progression, died in committee
Action: 2009-03-04 - Referred to Committee on Finance SJ-7
Pending: Senate Finance Committee
Summary
A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-3135 SO AS TO EXEMPT AN AMOUNT OF FAIR MARKET OF A PARCEL OF REAL PROPERTY AND IMPROVEMENTS THEREON AS DETERMINED BY THE APPRAISAL RESULTING FROM AN ASSESSABLE TRANSFER OF INTEREST SUFFICIENT TO LIMIT ANY INCREASE IN THE FAIR MARKET VALUE OF THE PARCEL TO FIFTEEN PERCENT OF ITS VALUE ON THE ASSESSOR'S BOOKS, TO PROVIDE THAT FAIR MARKET VALUE WHEN REDUCED BY THIS EXEMPTION IS THE VALUE TO WHICH THE CONSTITUTIONAL CAP ON INCREASES TO FIFTEEN PERCENT OVER FIVE YEARS APPLIES, TO PROVIDE THAT THIS EXEMPTION CONTINUES UNTIL THE PROPERTY UNDERGOES A SUBSEQUENT ASSESSABLE TRANSFER OF INTEREST AND PROVIDE THAT THIS EXEMPTION DOES NOT APPLY TO PREVIOUSLY UNTAXED ADDITIONS OR IMPROVEMENTS; TO AMEND SECTION 12-37-3140, AS AMENDED, RELATING TO VALUATION OF REAL PROPERTY FOR PURPOSES OF THE SOUTH CAROLINA REAL PROPERTY VALUATION REFORM ACT, SO AS TO MAKE A CONFORMING AMENDMENT, TO REQUIRE THE PROPERTY TAX ASSESSOR TO APPLY THE EXEMPTION ALLOWED BY THIS EXEMPTION TO FAIR MARKET VALUE DETERMINED AT THE TIME OF ASSESSABLE TRANSFERS OF INTEREST OCCURRING IN 2007, 2008, AND IN 2009 BEFORE THE EFFECTIVE DATE OF THIS ACT, AND TO PROVIDE THAT NO REFUND IS ALLOWED BASED ON THOSE ADJUSTED VALUES.
Title
Make A Conforming Amendment, To Require The Property Tax Assessor To Apply The Exemption Allowed By This Exemption To Fair Market Value Determined At The Time Of Assessable Transfers Of Interest Occurring In 2007, 2008, And In 2009 Before The Effective Date Of This Act, And To Provide That No Refund Is Allowed Based On Those Adjusted Values.
Sponsors
History
Date | Chamber | Action |
---|---|---|
2009-03-04 | Referred to Committee on Finance SJ-7 | |
2009-03-04 | Introduced and read first time SJ-7 |
Same As/Similar To
S0435 (Similar To) 2009-02-19 - Referred to Subcommittee: Hayes (ch), Land, Courson, Matthews, Grooms
H4268 (Similar To) 2010-01-12 - Referred to Committee on Ways and Means HJ-52
H4268 (Similar To) 2010-01-12 - Referred to Committee on Ways and Means HJ-52
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
12 | 37 | 3135 | (n/a) | See Bill Text |
12 | 37 | 3140 | (n/a) | See Bill Text |
South Carolina State Sources
Type | Source |
---|---|
Summary | https://www.scstatehouse.gov/cgi-bin/web_bh10.exe?bill1=0518&session=118 |