Current Status Bill Number:3977 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970410 Primary Sponsor:Bowers All Sponsors:Bowers Drafted Document Number:gjk\20477sd.97 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax assessments, rental-occupant property, four percent ratio; Taxation
Body Date Action Description Com Leg Involved
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House 19970410 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CLASSIFICATION OF PROPERTY FOR AD VALOREM TAX PURPOSES AND THE ASSESSMENT RATIOS APPLICABLE TO SUCH PROPERTY, SO AS TO PROVIDE THAT RESIDENTIAL PROPERTY WHICH A RENTAL-OCCUPANT OCCUPIES AS HIS PRINCIPAL RESIDENCE ON THE SAME BASIS AS AN OWNER-OCCUPANT, EXCEPT FOR THE FACT THAT OWNERSHIP IS VESTED IN ANOTHER PERSON, ALSO QUALIFIES FOR THE FOUR PERCENT ASSESSMENT RATIO.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-43-220(c) of the 1976 Code, as last amended by Act 459 of 1996, is further amended by adding a new item (5) to read:
"(5) In addition to the above provisions of this subsection, residential property which a rental-occupant occupies as his principal residence on the same basis as an owner-occupant, except for the fact that ownership is vested in another person, also qualifies for the four percent assessment ratio."
SECTION 2. This act takes effect upon approval by the Governor.