Download This Bill in Microsoft Word format
Indicates Matter Stricken
Indicates New Matter
S. 937
STATUS INFORMATION
Joint Resolution
Sponsors: Senators Ryberg, Peeler, Verdin, Bryant, Grooms, Richardson, Rankin, Gregory, Fair, Cromer, Cleary, Mescher, O'Dell and Scott
Document Path: l:\council\bills\bbm\9063htc06.doc
Companion/Similar bill(s): 4609
Introduced in the Senate on January 10, 2006
Currently residing in the Senate Committee on Judiciary
Summary: Property tax
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
-------------------------------------------------------------------------------
11/29/2005 Senate Prefiled
11/29/2005 Senate Referred to Committee on Judiciary
1/10/2006 Senate Introduced and read first time SJ-5
1/10/2006 Senate Referred to Committee on Judiciary SJ-5
1/18/2006 Senate Referred to Subcommittee: Martin (ch), Hutto, Ritchie,
Sheheen, Campsen
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 THE LOWER OF 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, OR THE FAIR MARKET VALUE OF THE REAL PROPERTY AS DETERMINED ON APPEAL, IF LESS THAN THE TRANSFER VALUE, AND TO PROVIDE THAT THE GENERAL ASSEMBLY BY LAW SHALL DEFINE AN OWNERSHIP TRANSFER, AND AN IMPROVEMENT TO REAL PROPERTY, AND TO PROVIDE THAT THE GENERAL ASSEMBLY BY LAW SHALL PROVIDE A BASE YEAR FOR DETERMINING INITIAL FAIR MARKET VALUE OF REAL PROPERTY.
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 beginning after the ratification date of this section, for purposes of the property tax, the fair market value of real property means its fair market value as provided in item (1) of this section or as provided in item (2) of this section, whichever results in the lower fair market value:
(1) Transfer Value - means the fair market value of the real property determined when ownership of the real property last was transferred, increased by the fair market value of improvements made to the real property during the current ownership of the property; or
(2) Appeal Value - means the fair market value of the real property as determined on appeal for any property tax year during the current ownership of the property if the fair market value as determined on appeal is less than the amount determined pursuant to item (1) of this section. Value as determined on appeal substitutes for the fair market value of the real property when ownership of the real property last was transferred.
The General Assembly by law shall define an ownership transfer and an improvement to real property, and the General Assembly by law shall provide a base year for determining initial fair market value for purposes of 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 is the lesser of 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 or its fair market value as determined on appeal, and to provide that the General Assembly by law shall define an ownership transfer and an improvement to real property, and to provide that the General Assembly by law shall provide a base year for determining initial fair market value?
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'."
This web page was last updated on Friday, December 4, 2009 at 3:33 P.M.