Current Status Introducing Body:Senate Bill Number:865 Primary Sponsor:McConnell Committee Number:06 Type of Legislation:GB Subject:Property tax reassessments provisions Residing Body:Senate Current Committee:Finance Computer Document Number:865 Introduced Date:19940111 Last History Body:Senate Last History Date:19940111 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:McConnell Leventis Holland Giese Martin Passailaigue Reese Rose Greg Smith Washington Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved ____ ______ ____________ ______________________________ ___ ____________ 865 Senate 19940111 Introduced, read first time, 06 referred to Committee 865 Senate 19930927 Prefiled, referred to 06 CommitteeView additional legislative information at the LPITS web site.
TO AMEND SECTION 12-43-280, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LIMITATIONS ON TOTAL AD VALOREM TAX ASSESSMENT FOLLOWING REASSESSMENT, BY ADDING SUBSECTION (C) SO AS TO PROVIDE THAT THE PRINCIPAL RESIDENCE OF A PERSON SIXTY-FIVE YEARS OF AGE OR OLDER, WHO IS THE LEGAL OWNER, SHALL BE TAXED AT THE ASSESSED VALUE OF THE PROPERTY IN EFFECT ON THE DATE OF THE OWNER'S SIXTY-FIFTH BIRTHDAY UNTIL SUCH PROPERTY IS CONVEYED BY INHERITANCE, OR THE LEGAL OWNER CEASES USING THE PROPERTY AS A RESIDENCE OR SELLS THE PROPERTY, WHICHEVER OCCURS FIRST, AT WHICH TIME SUCH PROPERTY SHALL BE REASSESSED AT THE FAIR MARKET VALUE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-43-280 of the 1976 Code is amended by adding:
"(C) Notwithstanding any other provision of law, the principal residence of a person sixty-five years of age or older, who is the legal owner, shall be taxed at the assessed value of the property in effect on the date of the owner's sixty-fifth birthday. Such assessed value shall remain in effect until the property is conveyed by inheritance or the legal owner ceases using the property as a residence or sells the property, whichever occurs first, at which time the property shall be reassessed at the fair market value for tax purposes and the taxes applied to the property retroactively at the new assessed value rate for five years back."
SECTION 2. This act takes effect upon approval by the Governor.