S 0074 General Bill, By McConnell, Courson, Elliott, Glover, McGill, 
Passailaigue, Reese, Russell, Setzler, Washington, Wilson and Mescher

Similar(H 3438)
 A BILL TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT AN AMOUNT OF FAIR
 MARKET VALUE OF REAL PROPERTY SUFFICIENT TO LIMIT TO FIFTEEN PERCENT INCREASES
 IN THE VALUE OF SUCH PROPERTY ATTRIBUTABLE TO COUNTYWIDE APPRAISAL AND
 EQUALIZATION PROGRAMS, TO EXCLUDE IMPROVEMENTS FROM THE EXEMPTION, TO PROVIDE
 THAT THE EXEMPTION IS NOT TRANSFERRED WITH THE PROPERTY, AND TO PROVIDE
 EXCEPTIONS.

   11/18/98  Senate Prefiled
   11/18/98  Senate Referred to Committee on Finance
   01/12/99  Senate Introduced and read first time SJ-34
   01/12/99  Senate Referred to Committee on Finance SJ-34

TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT AN AMOUNT OF FAIR MARKET VALUE OF REAL PROPERTY SUFFICIENT TO LIMIT TO FIFTEEN PERCENT INCREASES IN THE VALUE OF SUCH PROPERTY ATTRIBUTABLE TO COUNTYWIDE APPRAISAL AND EQUALIZATION PROGRAMS, TO EXCLUDE IMPROVEMENTS FROM THE EXEMPTION, TO PROVIDE THAT THE EXEMPTION IS NOT TRANSFERRED WITH THE PROPERTY, AND TO PROVIDE EXCEPTIONS.

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

SECTION 1. Section 12-37-220(B) of the 1976 Code is amended by adding an appropriately numbered item at the end to read:

"( )(a) An amount of fair market value of a parcel of real property located in the county sufficient to limit to fifteen percent any valuation increase attributable to the implementation of a countywide appraisal and equalization program. The exemption allowed by this item does not apply to real property valued for property tax purposes by the unit valuation method, nor does it apply to value attributable to permanent improvements made to the real property at any time after the implementation of the most recently completed countywide equalization program. If the real property is transferred, this exemption is not transferred with the property. The value of the property in the hands of the transferee is the value of the property as determined by law without the exemption allowed the transferor by this item.

(b) In the case of real property classified pursuant to Section 12-43-220(c), a transfer is deemed not to have occurred for purposes of this item if the transfer is one of the following:

(i) between spouses;

(ii) from a deceased spouse to a surviving spouse by devise or operation of law;

(iii) in any manner in which the surviving spouse retains the property tax exemption allowed pursuant to Section 12-37-250 or would have retained the exemption but for the age of the surviving spouse;

(iv) to a former spouse pursuant to equitable distribution arising out of the dissolution of a marriage.

(c) In the case of all real property other than as provided in subitem (b) of this item, a transfer is deemed not to have occurred for purposes of this item if the transfer is a transaction in which gain is not recognized and is described in Section 351, 355, 368, or 721 of the Internal Revenue Code of 1986, as defined in Section 12-6-40(A)."

SECTION 2. Upon approval by the Governor, this act is effective for increases in value of real property attributable to countywide appraisal and equalization programs implemented after 1998.