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COMMITTEE REPORT
March 9, 2005
S. 363
Introduced by Senators Lourie, Mescher, Setzler, Ford, Knotts, Malloy, Sheheen, Hutto, Short, Patterson, McGill, Leventis, Scott, Drummond, Land, Matthews, Ryberg, Grooms, Moore, Fair, Verdin, Peeler, Leatherman, Thomas, McConnell, Jackson, Campsen and J. Verne Smith
S. Printed 3/9/05--S.
Read the first time January 27, 2005.
To whom was referred a Bill (S. 363) to amend Section 12-45-75, Code of Laws of South Carolina, 1976, relating to installment payments of real property taxes, so as to authorize monthly installments, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
HUGH K. LEATHERMAN, SR. for Committee.
REVENUE IMPACT 1/
This bill is not expected to have any impact on state or local revenues.
Explanation
Under current law, a county, by ordinance, may allow ad valorem taxes on real property to be paid in quarterly installments. Taxes paid through an escrow account are not eligible for installment payments. This bill adds language to allow ad valorem taxes to be paid in monthly installments. Taxes paid through an escrow account would still be ineligible for these installment payments. The language of this bill is permissive and does not require counties to allow monthly payments of ad valorem taxes on real property. Since this bill allows, but does not require counties to accept monthly payments of ad valorem taxes on real property and counties are expected to maintain their revenues, this bill is not expected to have any impact on state or local revenues.
Approved By:
William C. Gillespie
Board of Economic Advisors
1/ This statement meets the requirement of Section 2-7-71 for a state revenue impact by the BEA, or Section 2-7-76 for a local revenue impact or Section 6-1-85(B) for an estimate of the shift in local property tax incidence by the Office of Economic Research.
TO AMEND SECTION 12-45-75, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INSTALLMENT PAYMENTS OF REAL PROPERTY TAXES, SO AS TO AUTHORIZE MONTHLY INSTALLMENTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-45-75(A) of the 1976 Code is amended to read:
"(A)(1) The governing body of a county may by ordinance allow a taxpayer to elect to pay all ad valorem taxes on real property located in the county in quarterly or monthly installments. No An installment election is not allowed for taxes paid through an escrow account.
(2) The ordinance must specify the installment due dates and it may provide for installments due and payable before January fifteenth, but the final installment due date must be January fifteenth. The ordinance may provide for a service charge of not more than two dollars on installment payments. For purposes of payment and collection, these service charges are deemed property taxes. The ordinance may not provide penalties for late installments."
SECTION 2. This act takes effect upon approval by the Governor.
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