S 1080 General Bill, By Grooms, Branton, Verdin, Mescher, Ravenel and Knotts
Summary: Owner-occupied residential property; exemptions
    A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-223 SO AS TO ELIMINATE INCREASES IN FAIR MARKET VALUE OF OWNER-OCCUPIED RESIDENTIAL PROPERTY ATTRIBUTABLE TO QUADRENNIAL REASSESSMENT IN THE COUNTY BY MEANS OF A PROPERTY TAX EXEMPTION, TO PROVIDE EXCEPTIONS, AND TO PROVIDE THE PERIOD FOR WHICH THIS EXEMPTION APPLIES; AND TO AMEND SECTION 12-37-223A, RELATING TO THE COUNTY OPTION PROPERTY TAX EXEMPTION LIMITING TO FIFTEEN PERCENT INCREASES IN FAIR MARKET OF REAL PROPERTY AS A RESULT OF QUADRENNIAL REASSESSMENT IN A COUNTY, SO AS TO CONFORM THIS OPTIONAL EXEMPTION TO THE PROVISIONS OF SECTION 12-37-223 OF THE 1976 CODE AS ADDED BY THIS ACT.
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03/18/04	Senate	Introduced and read first time SJ-12
03/18/04	Senate	Referred to Committee on Finance SJ-12