Current Status Bill Number:4699 Ratification Number:489 Act Number:401 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19960305 Primary Sponsor:Stuart All Sponsors:Stuart, Wilkins and Harrison Drafted Document Number:pfm\8077htc.96 Date Bill Passed both Bodies:19960530 Governor's Action:U Became law without signature of Governor Date of Governor's Action:19960606 Subject:Homestead exemption, rollback millage defined
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ ------ 19960613 Act No. A401 ------ 19960606 Unsigned, became law without signature of Governor ------ 19960530 Ratified R489 Senate 19960530 Read third time, enrolled for ratification Senate 19960523 Read second time, notice of general amendments Senate 19960424 Committee report: Favorable 06 SF Senate 19960402 Introduced, read first time, 06 SF referred to Committee House 19960329 Read third time, sent to Senate House 19960328 Unanimous consent for third reading on the next Legislative day House 19960328 Read second time House 19960327 Committee report: Favorable 25 HJ House 19960305 Introduced, read first time, 25 HJ referred to CommitteeView additional legislative information at the LPITS web site.
(A401, R489, H4699)
AN ACT TO AMEND SECTION 12-37-251, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE HOMESTEAD EXEMPTION FROM SCHOOL OPERATING TAXES AND ROLLBACK MILLAGE LIMITATIONS, SO AS TO DEFINE "ROLLBACK MILLAGE".
Rollback millage
SECTION 1. Section 12-37-251(E) of the 1976 Code, as added by Act 145 of 1995, is amended to read:
"(E) In the year of reassessment the millage rate for all real and personal property must not exceed the rollback millage, except that the rollback millage may be increased by the percentage increase in the consumer price index for the year immediately preceding the year of reassessment. Rollback millage is calculated by dividing the prior year property tax revenues by the adjusted total assessed value applicable in the year the values derived from a countywide equalization and reassessment program are implemented. This amount of assessed value must be adjusted by deducting assessments added for property or improvements not previously taxed, for new construction, and for renovation of existing structures."
Time effective
SECTION 2. Upon approval by the Governor, this act is effective for property tax years beginning after 1995.
Became law without the signature of the Governor -- 6/6/96.