Current Status Introducing Body:House Bill Number:4262 Ratification Number:432 Act Number:375 Primary Sponsor:J. Bailey Type of Legislation:GB Subject:Historic properties, special tax assessments Date Bill Passed both Bodies:May 05, 1992 Computer Document Number:JIC/6032.HC Governor's Action:S Date of Governor's Action:May 19, 1992 Introduced Date:Jan 23, 1992 Date of Last Amendment:Apr 28, 1992 Last History Body:------ Last History Date:May 19, 1992 Last History Type:Act No. 375 Scope of Legislation:Statewide All Sponsors:J. Bailey Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
4262 ------ May 19, 1992 Act No. 375
4262 ------ May 19, 1992 Signed by Governor
4262 ------ May 13, 1992 Ratified R 432
4262 House May 05, 1992 Concurred in Senate
amendment, enrolled for
ratification
4262 Senate Apr 29, 1992 Read third time, returned to
House with amendment
4262 Senate Apr 28, 1992 Amended, read second time
4262 Senate Apr 22, 1992 Committee Report: Favorable 06
with amendment
4262 Senate Feb 04, 1992 Introduced, read first time, 06
referred to Committee
4262 House Jan 29, 1992 Read third time, sent to
Senate
4262 House Jan 28, 1992 Read second time
4262 House Jan 23, 1992 Introduced, read first time,
placed on Calendar without
reference
View additional legislative information at the LPITS web site.
(A375, R432, H4262)
AN ACT TO AMEND SECTION 4-9-195, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SPECIAL PROPERTY TAX ASSESSMENTS FOR REHABILITATED HISTORIC PROPERTIES AND LOW AND MODERATE INCOME RENTAL PROPERTIES, SO AS TO REVISE THE SPECIAL EIGHT-YEAR ASSESSMENT TO THE GREATER OF FORTY PERCENT OF THE APPLICABLE PERCENT OF THE APPRAISAL VALUE AFTER REHABILITATION OR CERTIFICATION OR THE ORIGINAL ASSESSMENT ON THE PROPERTY AND TO PROVIDE THAT ONLY OWNER-OCCUPIED REHABILITATED PROPERTY QUALIFIES FOR THE SPECIAL FOUR PERCENT ASSESSMENT RATIO, TO MAKE INELIGIBLE FOR THE ASSESSMENT PROPERTY REHABILITATED AS A RESULT OF NATURAL DISASTER, CATASTROPHE, ACCIDENT, OR FORCE MAJEURE, TO REVISE THE ELIGIBILITY REQUIREMENTS APPLICABLE TO LOW AND MODERATE INCOME RENTAL PROPERTY, AND TO PROVIDE DEFINITIONS.
Be it enacted by the General Assembly of the State of South Carolina:
Special assessment
SECTION 1. Items (1) and (2) of subsection (A) of Section 4-9-195 of the 1976 Code, as added by Act 474 of 1990, are amended to read:
"(1) for owner-occupied rehabilitated historic property an assessment for two years equal to four percent of the appraised value of the property at the time the certification was made, and an assessment for eight years equal to the greater of forty percent of four percent of the appraised value of the property after rehabilitation or the assessment originally assessed on the uncertified property;
(2) for income-producing rehabilitated historic property and for low and moderate income rental property an assessment for two years equal to six percent of the appraised value of the property at the time the certification was made, and an assessment for eight years equal to the greater of forty percent of six percent of the appraised value of the property after rehabilitation or the assessment originally assessed on the uncertified property; and"
Nonqualifying rehabilitation
SECTION 2. Items (4) and (5) of Section 4-9-195(B) of the 1976 Code, as added by Act 474 of 1990, are amended to read:
"(4) the owner or estate of any property certified as `historic' takes no actions which cause the property to lose the qualities and features which made it eligible for certification. The Department of Archives and History or its designee shall have the authority to rescind approval of the rehabilitation work in these cases, and in this event the property becomes immediately ineligible for the special tax assessments provided for this type of property; and
(5) rehabilitation was commenced on the property after January 1, 1987, and the rehabilitation was not commenced or undertaken as a result of a natural disaster, catastrophe, accident, or force majeure."
Eligibility
SECTION 3. Section 4-9-195(c) of the 1976 Code, as added by Act 474 of 1990, is amended to read:
"(C) `Low and moderate income rental property' is eligible for certification if:
(1) the property provides accommodations under the Section 8 Program as defined in the United States Housing Act of 1937 and amended by the Housing and Community Act of 1974 for low and moderate income families and persons as defined by Section 31-13-170(p); or
(2) in the case of income-producing real property, the expenditures for rehabilitation exceed the appraised value of the property; and
(3) if the low and moderate income housing rehabilitation is located in an area designated by the local government as a Low and Moderate Housing Rehabilitation District; and
(4) the owner or estate of any property certified as `low and moderate income rental property' takes no actions which cause the property to be unsuitable for such a designation. The county governing body granting the initial certification has the authority to decertify property in these cases, and the property becomes immediately ineligible for the special tax assessments provided for this type of property; and
(5) rehabilitation was commenced on the property after January 1, 1987; and the rehabilitation was not commenced or undertaken as a result of a natural disaster, catastrophe, accident, or force majeure; and
(6) if the property qualifies as `historic' as defined in subsection (B)(1)(a), (b), or (c), then the rehabilitation work must be approved by the Department of Archives and History as provided in subsections (B) and (D)."
Definitions
SECTION 4. Section 4-9-195 of the 1976 Code, as added by Act 474 of 1990, is amended by adding:
"(H) As used in this section:
(1) `appraised value of the property at the time certification was made' means, as to rehabilitated historic property, the appraised value of the building as certified to the governing body by a real estate appraiser licensed by this State, or the sales price delineated in a bona fide contract of sale executed within six months of the time it is submitted to the governing body; and, as to low and moderate income rental property, the appraised value of the property as certified to the governing body by a real estate appraiser licensed by this State or the sales price delineated in a bona fide contract of sale executed within six months of the time it is submitted to the governing body.
(2) `appraised value of the property after rehabilitation' means, as to rehabilitated historic property, the appraised value of the rehabilitated building, after rehabilitation has been completed, as certified to the governing body by a real estate appraiser licensed by this State; and, as to low and moderate income rental property, the appraised value of the property, after rehabilitation has been completed, as certified to the governing body by a real estate appraiser licensed by this State."
Time effective
SECTION 5. This act takes effect upon approval by the Governor.
Approved the 19th day of May, 1992.