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H. 4147
STATUS INFORMATION
General Bill
Sponsors: Reps. Hamilton and Leach
Document Path: l:\council\bills\ggs\22108htc03.doc
Introduced in the House on May 1, 2003
Currently residing in the House Committee on Ways and Means
Summary: Assessment ratios
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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5/1/2003 House Introduced and read first time HJ-36
5/1/2003 House Referred to Committee on Ways and Means HJ-36
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-43-226 SO AS TO ALLOW MARRIED INDIVIDUALS WHO OWN A RESIDENCE OTHER THAN THEIR LEGAL RESIDENCE TO HAVE AN ASSESSMENT RATIO FOR PROPERTY FOR TAX PURPOSES EQUAL TO FOUR PERCENT OF FAIR MARKET VALUE OF THE RESIDENCE AND TO PROVIDE THAT ON THE DEATH OF A SPOUSE THAT THIS RESIDENCE KEEPS THE FOUR PERCENT ASSESSMENT RATIO IF BY WILL OR OPERATION OF LAW THE RESIDENCE BECOMES THE PROPERTY OF THE SURVIVING SPOUSE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 3, Chapter 43, Title 12 of the 1976 Code is amended by adding:
"Section 12-43-226. Married individuals who own a residence other than their legal residence classified pursuant to Section 12-43-220(c) are allowed an assessment ratio equal to four percent of fair market value on a second parcel of residential real property not to exceed five acres owned by one or both of them. This second residence is not eligible for this four percent assessment ratio if it is used for the production of income, nor is this second residence eligible for the exemptions allowed pursuant to Sections 12-37-250 and 12-37-251. If on the death of a spouse the second residence becomes the property of the surviving spouse by devise or operation of law, the residence continues to qualify for this four percent assessment ratio if it otherwise meets the requirements of this section. The assessment ratio allowed by this section must be claimed by the spouse or the spouse's agent by written application filed with the county assessor annually no later than the first penalty date for taxes for the property tax year for which the assessment ratio is claimed. The application must be in a form approved by the South Carolina Department of Revenue in consultation with the Comptroller General which must contain the information necessary to determine eligibility pursuant to this section. The application must be in the form of a certificate made under penalty of perjury."
SECTION 2. This act takes effect upon approval by the Governor and applies for property tax years beginning after 2003.
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