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TO AMEND SECTION 12-43-220(c) OF THE 1976 CODE, RELATING TO ASSESSMENT RATIOS, TO PROVIDE THAT, WHEN AN OWNER RECEIVING THE FOUR PERCENT ASSESSMENT RATIO DIES, THE PROPERTY SHALL CONTINUE TO RECEIVE THE SPECIAL ASSESSMENT RATE UNTIL THE DECEDENT'S ESTATE IS CLOSED, SO LONG AS THE PROPERTY IS NOT RENTED.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-43-220(c) of the 1976 Code is amended by adding an appropriately numbered subitem to read:
"( ) Notwithstanding any other provision of law, when an owner receiving the special assessment rate pursuant to item (c) dies, the property shall continue to receive the special assessment rate until the decedent's estate is closed or upon recording of a deed or deed of distribution out of the estate, whichever occurs first. This subitem does not apply if the property is rented."
SECTION 2. This act takes effect upon approval by the Governor.
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