Bill Text: SC S0050 | 2017-2018 | 122nd General Assembly | Introduced
Bill Title: Property taxes for boats and watercraft
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-01-10 - Referred to Committee on Finance [S0050 Detail]
Download: South_Carolina-2017-S0050-Introduced.html
A BILL
TO AMEND SECTION 12-37-224, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE ASSESSMENT OF PROPERTY TAXES FOR BOATS AND WATERCRAFT WITH CERTAIN FEATURES, SO AS TO PROVIDE THAT A PERSON MAY CLAIM A QUALIFYING BOAT OR WATERCRAFT AS HIS PRIMARY RESIDENCE FOR PURPOSES OF AD VALOREM PROPERTY TAXATION, TO PROVIDE FOR APPLICATION FILING REQUIREMENTS IF THERE IS A CHANGE IN OWNERSHIP, AND TO DEFINE NECESSARY TERMS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-224 of the 1976 Code is amended to read:
"Section 12-37-224. (A) A motor home or trailer used for camping and recreational travel that is pulled by a motor vehicle on which the interest portion of indebtedness is deductible pursuant to the Internal Revenue Code as an interest expense on a qualified primary or secondary residence also is a primary or secondary residence for purposes of ad valorem property taxation in this State. The fair market value of a motor home or trailer used for camping and recreational travel that is pulled by a motor vehicle classified for property tax purposes as a primary or secondary residence pursuant to this section must be determined in the manner that motor vehicles are valued for property tax purposes.
(B)(1) A person who owns a boat or watercraft that contains a cooking area with an onboard power source, a toilet with exterior evacuation, and a sleeping quarter, may claim one boat or watercraft as a primary residence and one boat or watercraft as a secondary residence for purposes of ad valorem property taxation in this State. The fair market value of the boat or watercraft classified for property tax purposes as a primary or secondary residence pursuant to this section must be determined in the manner that motor vehicles are valued for property tax purposes. A boat or watercraft classified for property tax purposes as a primary or secondary residence pursuant to this section is not a watercraft or motor for purposes of Section 12-37-220(B)(38).
(2) Only an individual may claim a qualifying boat or watercraft as his primary residence for purposes of ad valorem property taxation. The individual person or his agent claiming a qualifying boat or watercraft as his primary residence for purposes of ad valorem property taxation must shall certify the qualifying boat or watercraft as his primary residence pursuant to Section 12-43-220(c)(2)(ii). Additionally, the individual person or his agent must shall provide any proof the assessor requires pursuant to Section 12-43-220(c)(2)(iv). One other qualifying boat or watercraft owned by an individual a person that cannot be considered a primary residence, or one other qualifying boat or watercraft owned by another person shall be is considered a secondary residence for purposes of ad valorem property taxation.
(3) No further applications are necessary from the person while the boat or watercraft for which the initial application was made continues to qualify as a primary or secondary residence. If a change in ownership or use occurs, the person who claimed the boat or watercraft shall notify the assessor of the change in classification within six months of the change. Another application is required by the new owner to qualify the boat or watercraft as the person's primary or secondary residence under this section.
(4) For purposes of this subsection a person includes an individual, a sole proprietorship, partnership, and an 'S' corporation, including a limited liability company taxed as sole proprietorship, partnership, or 'S' corporation."
SECTION 2. This act takes effect upon approval by the Governor and first applies to property tax years beginning after 2016.
