Current Status Bill Number:4688 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19960228 Primary Sponsor:Fulmer All Sponsors:Fulmer, Limehouse, Whatley, Seithel, Hallman and Harrell Drafted Document Number:jmg\11007pm.96 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax exemptions, reassessment and homestead
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ House 19960228 Introduced, read first time, 30 HWM referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND ARTICLE 3, CHAPTER 37, TITLE 12, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, BY ADDING SECTION 12-37-224 SO AS TO PROVIDE THAT THE ASSESSED VALUE OF OWNER-OCCUPIED RESIDENTIAL PROPERTY MAY NOT INCREASE MORE THAN AN AMOUNT EQUAL TO THE INCREASE IN THE COST OF LIVING SINCE THE LAST REASSESSMENT DATE, AS LONG AS THE PROPERTY REMAINS OCCUPIED BY THE SAME OWNER OR BY THE OWNER'S SPOUSE, TO PROVIDE THAT WHEN THE PROPERTY IS TRANSFERRED THE PROPERTY MAY BE ASSESSED AT THE FAIR MARKET VALUE, TO PROVIDE THAT THE ASSESSED VALUE OF PROPERTY OWNED BY PERSONS ELIGIBLE FOR THE HOMESTEAD EXEMPTION MUST NOT INCREASE AS LONG AS THE PROPERTY REMAINS OCCUPIED BY THE SAME OWNER OR BY THE OWNER'S SPOUSE, AND TO PROVIDE THAT THE ASSESSED VALUE OF PROPERTY THAT HAS BEEN OWNED AND OCCUPIED BY THE SAME OWNER OR THE OWNER'S SPOUSE CONTINUOUSLY SINCE 1992 MAY NOT BE GREATER THAN ONE HUNDRED PERCENT HIGHER THAN THE ASSESSED VALUE OF THE PROPERTY IN 1992.
Whereas, the property values in this State have increased dramatically in the last twenty years; and
Whereas, homeowners are burdened with increased property taxes based on the escalating property values; and
Whereas, these homeowners have struggled for years to provide a home for themselves and their families; and
Whereas, it is the belief of the General Assembly that the policy of this State should be to encourage citizens of modest means to own their homes; and
Whereas, escalating property taxes inhibit citizens from buying their own homes; and
Whereas, escalating property taxes force citizens of modest means to sell their homes, even if their families have lived there for generations. Now, therefore,
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 3, Chapter 37, Title 12 of the 1976 Code is amended by adding:
"Section 12-37-224. (A) For the purposes of ad valorem taxation, the assessed value of owner-occupied residential property assessed pursuant to Section 12-43-220(c) may not increase more than an amount equal to the increase in the cost of living in the situs county, as determined by the department, since the last reassessment date, as long as the property remains occupied by the same owner or by the owner's spouse. When the property is transferred, other than between spouses, the property may be assessed at the fair market value.
(B) For the purposes of ad valorem taxation, the assessed value of property owned by persons eligible for the Section 12-37-250 homestead exemption may not increase as long as the property remains occupied by the same owner or by the owner's spouse. When the property is transferred, the property may be assessed at the fair market value.
(C) If property assessed pursuant to subsection (A) of this section is permanently improved, as defined by the Department of Revenue and Taxation, the assessed value equals the value as determined in subsection (A) plus the fair market value of the improvements.
(D) If the property assessed pursuant to subsections (A) and (B) of this section has been owned and occupied by the same owner or the owner's spouse continuously since 1992, the assessed value may not be greater than one hundred percent higher than the assessed value of the property in 1992.
(E) Notwithstanding any other provision of law, refunds may not be paid for property tax years before the effective date of this section as a result of the limits on assessments required by this section."
SECTION 2. This act takes effect January 1, 1997.