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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 5-7-65 SO AS TO PROVIDE THAT ALL MUNICIPAL AD VALOREM PROPERTY TAXES WHICH WOULD OTHERWISE BE IMPOSED ON NEW IMPROVEMENTS TO REAL PROPERTY LOCATED IN A PRESERVATION DISTRICT ESTABLISHED BY A MUNICIPALITY OF THIS STATE WITHIN ITS CORPORATE LIMITS ARE ABATED FOR A PERIOD OF FIVE CALENDAR YEARS BEGINNING WITH THE FIRST DAY OF JANUARY AFTER THE ESTABLISHMENT OF THE DISTRICT, AND TO PROVIDE THAT A MUNICIPALITY WITHIN ITS GENERAL AUTHORITY IS PERMITTED BY ORDINANCE TO ESTABLISH SUCH DISTRICTS IN THE MANNER AND UNDER THE TERMS AND CONDITIONS IT CONSIDERS APPROPRIATE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 7, Title 5 of the 1976 Code is amended by adding:
"Section 5-7-65. All municipal ad valorem property taxes which would otherwise be imposed on new improvements to real property located in a preservation district established by a municipality of this State within its corporate limits are abated for a period of five calendar years beginning with the first day of January after the establishment of the district. The abatement of municipal ad valorem property taxes provided in this section is considered a property tax exemption. A municipality within its general authority is permitted by ordinance to establish such districts in the manner and under the terms and conditions it considers appropriate."
SECTION 2. This act takes effect upon approval by the Governor.
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