South Carolina General Assembly
117th Session, 2007-2008

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Bill 865

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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

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COMMITTEE REPORT

March 5, 2008

S. 865

Introduced by Senators Alexander, O'Dell, Short and Knotts

S. Printed 3/5/08--S.

Read the first time January 8, 2008.

            

THE COMMITTEE ON FINANCE

To whom was referred a Bill (S. 865) to amend Section 12-43-350, Code of Laws of South Carolina, 1976, relating to requirements for the standardized property tax bill, so as to revise these requirements, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass with amendment:

Amend the bill, as and if amended, page 1, SECTION 1, by striking line 42 on page 1 through line 2 on page 2 and inserting:

/        exemption pursuant to Section 12-37-220(B)(47) and the estimated value of the exemption and the amount of any credit        /

Renumber sections to conform.

Amend title to conform.

HUGH K. LEATHERMAN, SR. for Committee.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

REVENUE IMPACT 1/

This bill would have no impact on state or local revenues.

Explanation

This bill proscribes information relating to the standardized property tax bill to include the amounts reimbursed for the homestead exemption pursuant to Section 12-37-220(B)(47) and the amounts of any credit for county operations on owner-occupied property. This bill would have no 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.

A BILL

TO AMEND SECTION 12-43-350, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO REQUIREMENTS FOR THE STANDARDIZED PROPERTY TAX BILL, SO AS TO REVISE THESE REQUIREMENTS TO REFLECT THE EXEMPTION FROM MILLAGE IMPOSED FOR SCHOOL OPERATIONS FOR OWNER-OCCUPIED RESIDENTIAL PROPERTY AND THE AMOUNT REIMBURSED THE SCHOOL DISTRICT FROM THE HOMESTEAD EXEMPTION FUND FOR THAT EXEMPTION AND TO REFLECT ANY CREDIT AGAINST THE PROPERTY TAX LIABILITY FOR COUNTY OPERATIONS ON OWNER-OCCUPIED RESIDENTIAL PROPERTY ATTRIBUTABLE TO EXCESS BALANCES IN THE HOMESTEAD EXEMPTION FUND.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 12-43-350 of the 1976 Code is amended to read:

"Section 12-43-350.    Affected political subdivisions must use a tax bill for real property which that contains standard information as follows:

(1)    tax year;

(2)    tax map number;

(3)    property location;

(4)    appraised value, taxable;

(5)    tax amount;

(6)    state homestead tax exemption pursuant to Section 12-37-250, if applicable;

(7)    state property tax relief, if applicable homestead tax exemption pursuant to Section 12-37-220(B)(47) and the amount reimbursed the applicable school district for that exemption from the Homestead Exemption Fund and the amount of any credit against the property tax liability for county operations on owner-occupied residential property attributable to an excess balance in the Homestead Exemption Fund;

(8)    local option sales tax credit, if applicable;

(9)    any applicable fees;

(10)    total tax due;

(11)    tax due with penalties and applicable dates;

(12)    prior year amount paid-only required to be shown if assessment is unchanged from prior year, except during reassessment years, in which case all properties must show the prior year tax amount.

The information required pursuant to this section must be contained in a 'boxed' area measuring at least three inches square placed on the right side of the tax bill."

SECTION    2.    This act takes effect upon approval by the Governor and applies for property tax years beginning after 2007.

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