S*0453(Rat #0309, Act #0307 of 1986)  General Bill, By Senate Finance

Similar(S 331, S 368)
 A Bill to amend the Code of Laws of South Carolina, 1976, by adding Section
 12-43-305 so as to provide for the payment of taxes, interest, and penalties
 when the valuation of the property taxed is appealed.

   04/02/85  Senate Introduced, read first time, placed on calendar
                     without reference SJ-1241
   04/04/85  Senate Read second time SJ-1339
   04/04/85  Senate Ordered to third reading with notice of
                     amendments SJ-1339
   04/17/85  Senate Read third time and sent to House SJ-1547
   04/23/85  House  Introduced and read first time HJ-2621
   04/23/85  House  Referred to Committee on Ways and Means HJ-2621
   01/14/86  House  Committee report: Favorable with amendment Ways
                     and Means HJ-33
   01/16/86  House  Amended HJ-156
   01/16/86  House  Read second time HJ-157
   01/16/86  House  Unanimous consent for third reading on next
                     legislative day HJ-157
   01/17/86  House   Read third time HJ-188
   01/17/86  House  Returned HJ-188
   01/22/86  Senate House amendment amended SJ-190
   01/22/86  Senate Returned SJ-190
   01/22/86  House  Concurred in Senate amendment and enrolled HJ-221
   01/30/86         Ratified R 309
   02/04/86         Signed By Governor
   02/04/86         Effective date 02/04/86
   02/04/86         Act No. 307
   02/04/86          Effective for tax year 1986 & all subsequent years
   02/12/86         Copies available

AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-43-305 SO AS TO PROVIDE FOR THE PAYMENT OF TAXES, INTEREST, AND PENALTIES WHEN THE VALUATION OF THE PROPERTY TAXED IS APPEALED.

Be it enacted by the General Assembly of the State of South Carolina:

Appeal of property valuation

SECTION 1. The 1976 Code is amended by adding:

"Section 12-43-305. Upon receipt of written notice of appeal of a property valuation and if it is reasonably expected that the appeal may delay the assessment of the property beyond December thirty-first of the tax year, the assessing officer shall immediately prepare an assessment for the property under appeal based on either the assessed value of the property for the previous year or eighty percent of the assessed value of the property for the current year, whichever is greater. The auditor shall enter the assessment on the tax duplicate and the tax must be paid as in other cases.

After final administrative review of the appeal, if the valuation is greater than the value of the assessment set by the assessing official in accordance with this section, an assessment must be made and entered based on the difference between the value of the assessment determined by this section and the value settled by the appeal.

If the valuation is less than that set as provided herein, the assessment as entered must be reduced to that determined by the final administrative review. The tax paid on the

difference between the assessment as entered and that determined after final administrative review must be refunded together with interest at the rate of one percent a month on the amount of the overpayment.

Interest at the rate of one percent must be added for each month the tax was unpaid because of the appeal and collected in the same manner as the tax.

This section does not apply to personal property registered or licensed with a state agency."

Time effective

SECTION 2. This act, upon approval by the Governor, is effective for the tax year 1986 and all subsequent tax years.