H 3085 General Bill, By Koon, Gamble, Riser, Stuart, C.L. Sturkie and 
D.A. Wright
 A Bill to amend Section 12-43-305, as amended, Code of Laws of South Carolina,
 1976, relating to payment of taxes on real estate when the valuation of
 property is under appeal, so as to provide that no interest is due on refunds
 or underpayments when the valuation of more than five percent of the taxable
 parcels in a county is under appeal as a result of a reassessment and
 equalization program.

   01/12/93  House  Introduced and read first time HJ-39
   01/12/93  House  Referred to Committee on Ways and Means HJ-39
   05/19/93  House  Committee report: Favorable with amendment Ways
                     and Means HJ-21
   05/26/93  House  Tabled HJ-77

May 19, 1993

H. 3085

Introduced by REPS. Koon, Wright, Riser, Gamble, Stuart and Sturkie

S. Printed 5/19/93--H.

Read the first time January 12, 1993.

To whom was referred a Bill (H. 3085), to amend Section 12-43-305, as amended, Code of Laws of South Carolina, 1976, relating to payment of taxes on real estate when the valuation of property is under appeal, etc., respectfully

That they have duly and carefully considered the same, and recommend that the same do pass with amendment:

Amend the bill, as and if amended, by striking SECTION 1 and inserting:

/SECTION 1. Section 12-43-305 of the 1976 Code, as last amended by Act 655 of 1988, is further amended by adding at the end:

"If the valuation of more than five percent of the parcels of real property in a county is appealed as a result of a reassessment and equalization program, no interest is due on refunds or underpayments for any month the valuation remains under appeal beginning after June 30 of the year succeeding the reassessment year."/

Amend title to conform.

WILLIAM D. BOAN, for Committee.

STATEMENT OF ESTIMATED FISCAL IMPACT

This Bill amends Section 12-43-305 to provide that no interest is due on refunds or underpayments when the valuation of more than five percent of the taxable parcels in a county is under appeal as a result of a reassessment and equalization program.

This Bill would have no effect on state revenue. The affect on local property tax revenue is undeterminable.

Depending on the outcome of many appeals in reassessment years, potential revenue losses from interest payments to taxpayers would be reduced, but potential revenue gains from interest paid by taxpayers would be lost. The net result in undeterminable.

Approved By:

A. Crawford Clarkson, Jr.

S.C. Tax Commission

A BILL

TO AMEND SECTION 12-43-305, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PAYMENT OF TAXES ON REAL ESTATE WHEN THE VALUATION OF PROPERTY IS UNDER APPEAL, SO AS TO PROVIDE THAT NO INTEREST IS DUE ON REFUNDS OR UNDERPAYMENTS WHEN THE VALUATION OF MORE THAN FIVE PERCENT OF THE TAXABLE PARCELS IN A COUNTY IS UNDER APPEAL AS A RESULT OF A REASSESSMENT AND EQUALIZATION PROGRAM.

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

SECTION 1. Section 12-43-305 of the 1976 Code, as last amended by Act 655 of 1988, is further amended by adding at the end:

"If the valuation of more than five percent of the parcels of real estate in a county is appealed as a result of a reassessment and equalization program, no interest is due on refunds or underpayments at the time the valuation is settled on appeal."

SECTION 2. This act takes effect upon approval by the Governor and applies with respect to equalization and reassessment programs occurring after 1991.