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TO AMEND SECTION 12-37-223A, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE COUNTY OPTION PROPERTY TAX EXEMPTION LIMITING TO FIFTEEN PERCENT INCREASES IN FAIR MARKET VALUE ATTRIBUTABLE TO A COUNTYWIDE REASSESSMENT AND EQUALIZATION PROGRAM, SO AS TO PROVIDE THAT REAL PROPERTY, TRANSFERRED AT ANY TIME DURING THE PROPERTY TAX YEAR THE EXEMPTION ORDINANCE IS EFFECTIVE, QUALIFIES FOR THE EXEMPTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The third paragraph of Section 12-37-223(D) of the 1976 Code, as added by Act 283 of 2000, is amended to read:
"Property transferred on or after January first of the year of implementation of an appraisal and equalization program conducted pursuant to Section 12-43-217 but prior to before January first of the effective date property tax year of the ordinance implementing the exemption authorized in subsection (A) shall be is eligible for the exemption; such and the exemption shall remain remains in effect until a subsequent disqualifying transfer."
SECTION 2. This act takes effect upon approval by the Governor.
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