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Bill 518

                    Current Status

Bill Number:                      518
Ratification Number:              364
Act Number:                       334
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  19990223
Primary Sponsor:                  Land
All Sponsors:                     Land, McGill, Saleeby, Hayes, Moore, 
                                  Rankin, Gregory, Peeler, Reese
Drafted Document Number:          l:\council\bills\kgh\15324htc99.doc
Date Bill Passed both Bodies:     20000525
Governor's Action:                S
Date of Governor's Action:        20000606
Subject:                          Property taxes, delinquent; interest 
                                  payment percentage rates, redemption period; 
                                  Taxation


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
------  20000628  Act No. A334
------  20000606  Signed by Governor
------  20000531  Ratified R364
House   20000525  Read third time, enrolled for
                  ratification
House   20000524  Read second time
House   20000523  Debate adjourned until
                  Wednesday, 20000524
House   20000517  Committee report: Favorable            30 HWM
House   20000411  Introduced, read first time,           30 HWM
                  referred to Committee
Senate  20000406  Read third time, sent to House
Senate  20000323  Read second time, notice of
                  general amendments
Senate  20000322  Recalled from Committee,               06 SF
                  placed on the Calendar
Senate  19990303  Co-Sponsor added by Senator                    Reese
Senate  19990223  Introduced, read first time,           06 SF
                  referred to Committee


              Versions of This Bill
Revised on March 22, 2000 - Word format
Revised on May 17, 2000 - Word format

(A334, R364, S518)

AN ACT TO AMEND SECTION 12-51-90, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REDEMPTION OF PROPERTY SOLD FOR DELINQUENT TAXES, SO AS TO PROVIDE THAT INTEREST ON THE WHOLE AMOUNT OF THE TAX SALE BID IS AT THE RATE OF THREE, SIX, NINE, OR TWELVE PERCENT, RISING FOR EACH THREE MONTHS OF THE REDEMPTION PERIOD RATHER THAN A RATE OF EIGHT OR TWELVE PERCENT ON THE WHOLE AMOUNT REGARDLESS OF WHEN THE PROPERTY IS REDEEMED, AND TO PROVIDE THAT INTEREST DUE MUST NOT EXCEED THE BID ON THE PROPERTY SUBMITTED BY THE FORFEITED LAND COMMISSION.

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

Interest due on redemption

SECTION 1. Section 12-51-90 of the 1976 Code, as last amended by Act 332 of 1996, is further amended to read:

"Section 12-51-90. (A) The defaulting taxpayer, any grantee from the owner, or any mortgage or judgment creditor may within twelve months from the date of the delinquent tax sale redeem each item of real estate by paying to the person officially charged with the collection of delinquent taxes, assessments, penalties, and costs, together with interest as provided in subsection (B) of this section. If prior to the expiration of the redemption period, the purchaser assigns his interest in any real property purchased at a delinquent tax sale, the grantee from the successful bidder shall furnish the person officially charged with the collection of delinquent taxes a conveyance, witnessed and notarized. The person officially charged with the collection of delinquent taxes shall replace the successful bidder's name and address with the grantee's name and address in the delinquent tax sale book.

(B) Interest is due on the whole amount of the delinquent tax sale based on the month during the redemption period the property is redeemed according to the following schedule:

Month of Redemption Period Interest Imposed

Property Redeemed

First three months three percent

Months four, five, and six six percent

Months seven, eight, and nine nine percent

Last three months twelve percent

However, in every redemption, the amount of interest due must not exceed the amount of the bid on the property submitted on behalf of the forfeited land commission pursuant to Section 12-51-55."

Time effective

SECTION 2. This act takes effect upon approval by the Governor and applies to redemptions of property sold for delinquent taxes at sales held on or after that date.

Ratified the 31st day of May, 2000.

Approved the 6th day of June, 2000.

This web page was last updated on Wednesday, December 9, 2009 at 9:06 A.M.