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Indicates Matter Stricken
Indicates New Matter
Indicates Matter Stricken
Indicates New Matter
AMENDED
May 2, 2007
S. 139
S. Printed 5/2/07--H.
Read the first time February 8, 2007.
TO AMEND SECTION 12-37-224, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO MOTOR HOMES WHICH QUALIFY AS A PRIMARY OR SECONDARY RESIDENCE FOR PURPOSES OF AD VALOREM PROPERTY TAX, SO AS TO INCLUDE TRAILERS USED FOR CAMPING AND RECREATIONAL TRAVEL PULLED BY A MOTOR VEHICLE.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-224 of the 1976 Code, as last amended by Act 386 of 2006, is further amended to read:
"Section 12-37-224. A motor home, a boat or watercraft, or trailer used for camping and recreational travel that is pulled by a motor vehicle on which the interest portion of indebtedness is deductible pursuant to the Internal Revenue Code as an interest expense on a qualified primary or second residence is also a primary or second residence for purposes of ad valorem property taxation in this State and is considered real property rather than personal property for property tax purposes. By ordinance, the governing body of a county may extend the provisions of this section to a boat that meets the same qualifications required for motor homes pursuant to this section.The fair market value of a motor home, a boat or watercraft, or trailer used for camping and recreational travel that is pulled by a motor vehicle classified for property tax purposes as a primary or second residence pursuant to this section must be determined in the manner that motor vehicles are valued for property tax purposes."
SECTION 2. This act takes effect upon approval by the Governor and is applicable for travel trailer or boat or watercraft property tax years beginning after 2006.
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