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Indicates Matter Stricken
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H. 4609
STATUS INFORMATION
Joint Resolution
Sponsors: Reps. Ballentine, Cotty, Haley, Bingham, Frye, Clark, E.H. Pitts, Altman, Bailey, Bannister, Ceips, Chellis, Dantzler, Davenport, Delleney, Hagood, Hamilton, Hinson, Huggins, Kirsh, Leach, Limehouse, Littlejohn, Mitchell, Neilson, Phillips, Scarborough, Simrill, Sinclair, W.D. Smith, Townsend, Umphlett, Vaughn and Young
Document Path: l:\council\bills\gjk\20751sd06.doc
Companion/Similar bill(s): 937
Introduced in the House on February 7, 2006
Currently residing in the House Committee on Ways and Means
Summary: Fair market value
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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2/7/2006 House Introduced and read first time HJ-5
2/7/2006 House Referred to Committee on Ways and Means HJ-5
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
PROPOSING AN AMENDMENT TO ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO FINANCE AND TAXATION, BY ADDING A NEW SECTION 1A SO AS TO PROVIDE THAT FAIR MARKET VALUE OF REAL PROPERTY FOR PURPOSES OF PROPERTY TAX MEANS ITS FAIR MARKET VALUE WHEN OWNERSHIP OF THE REAL PROPERTY LAST WAS TRANSFERRED, INCREASED BY THE FAIR MARKET VALUE OF IMPROVEMENTS TO THE REAL PROPERTY SINCE OWNERSHIP OF THE REAL PROPERTY LAST WAS TRANSFERRED, TO PROVIDE THAT THE GENERAL ASSEMBLY BY LAW MAY DEFINE AN OWNERSHIP TRANSFER AND AN IMPROVEMENT TO REAL PROPERTY, AND MAY ESTABLISH A BASE YEAR FOR DETERMINING INITIAL FAIR MARKET VALUE FOR PURPOSES OF THIS NEW SECTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. It is proposed that Article X of the Constitution of this State be amended by adding a new section to read:
"Section 1A. Effective for property tax years in which and after which this section is ratified, for purposes of Section 1 of this article, fair market value of real property means its fair market value when ownership of the property last was transferred, increased by the fair market value of improvements made to the real property since ownership of the real property last was transferred. The General Assembly may by law define an ownership transfer, and an improvement to real property, and provide a base year for determining initial fair market value for purposes of the definition provided in this section."
SECTION 2. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:
"Must Article X of the Constitution of this State, relating to finance and taxation, be amended by adding a new Section 1A so as to provide that the fair market value of real property for purposes of the property tax means its fair market value when ownership of the real property last was transferred, increased by the fair market value of improvements made to the real property since its ownership last was transferred, and to provide that the General Assembly by law may define an ownership transfer, and an improvement to real property, and establish a base year for determining initial fair market value for purposes of the definition?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."
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