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H. 4998
STATUS INFORMATION
General Bill
Sponsors: Reps. Stringer, Bingham, Harrell, White, Huggins, Norman, Hiott, Clemmons, Quinn, Ballentine, Ryan, Brannon, Bedingfield, McCoy, Thayer, Parker, Taylor, Murphy, Patrick, Bowen, Crosby, Hearn, Daning, Nanney, Loftis, Lowe, Sottile, J.R. Smith, Brady, Allison, Atwater, Bannister, Chumley, Delleney, Erickson, Hamilton, Hardwick, Henderson, Herbkersman, Hixon, Horne, Johnson, Limehouse, Long, Lucas, Merrill, D.C. Moss, V.S. Moss, Owens, Pinson, Pope, Sandifer, Simrill, G.M. Smith, G.R. Smith, Tallon, Willis, Young, Forrester and Funderburk
Document Path: l:\council\bills\nbd\12190dg12.docx
Introduced in the House on March 13, 2012
Currently residing in the House Committee on Ways and Means
Summary: Commercial property tax
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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3/13/2012 House Introduced and read first time (House Journal-page 11)
3/13/2012 House Referred to Committee on Ways and Means
(House Journal-page 11)
3/13/2012 House Member(s) request name added as sponsor: Forrester
3/15/2012 House Member(s) request name added as sponsor: Funderburk
3/16/2012 Scrivener's error corrected
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CLASSIFICATION OF PROPERTY AND THE APPLICABLE ASSESSMENT RATIOS FOR PURPOSES OF IMPOSITION OF PROPERTY TAX, SO AS TO REDUCE THE ASSESSMENT RATIO ON COMMERCIAL AND OTHER APPLICABLE REAL PROPERTY FROM SIX PERCENT OF VALUE TO FIVE PERCENT OF VALUE.
Whereas, Section 1(5), Article X of the Constitution of this State establishes a property tax classification for all real property not otherwise included in a different class and provides for the assessment of that property at six percent of its fair market value; and
Whereas, Section 2(d), Article X of the Constitution of this State allows the General Assembly, by at least a two-thirds vote in each house, to change the assessment ratio applicable to each constitutionally provided class of property. Now, therefore,
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. A. Section 12-43-220(e) of the 1976 Code is amended to read:
"(e)(1) All other real property not herein otherwise provided for shall in this section must be taxed on an assessment equal to six five percent of the fair market value of such the property for property tax years ending after 2012."
B. Notwithstanding the assessment ratio set forth in Section 12-43-220(e), as amended pursuant to subsection A. of this section, the reduced assessment ratio must be phased in in eight equal and cumulative percentage installment amounts of .125 percent applicable for property tax years beginning after 2012.
SECTION 2. This act takes effect upon approval by the Governor.
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