South Carolina General Assembly
103rd Session, 1979-1980

Bill 687

                    Current Status

Bill Number:               687
Ratification Number:       359
Act Number                 331
Introducing Body:          Senate
Subject:                   Exemption to apply if ownership part in
                           fee and part for life
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A331, R359, S687)

AN ACT TO AMEND SECTION 12-37-250, CODE OF LAWS OF SOUTH CAROLINA, 1976, AS AMENDED, RELATING TO HOMESTEAD EXEMPTION FOR TAXPAYERS SIXTY-FIVE OR OVER, TOTALLY AND PERMANENTLY DISABLED OR LEGALLY BLIND, SO AS TO PROVIDE THAT THE EXEMPTION SHALL APPLY TO PERSONS WHO OWN A DWELLING IN PART IN FEE OR IN PART FOR LIFE WHEN SUCH PERSONS SATISFY THE REQUIREMENTS FOR SUCH EXEMPTION.

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

Exemption to apply if ownership part in fee and part for life

Section 1. Section 12-37-250 of the 1976 Code, as last amended by Act 199 of 1979, is further amended by adding at the end:

"The homestead tax exemption shall be granted in the amount herein provided to those persons who own a dwelling in part in fee or in part for life when such persons satisfy the other conditions of the exemption. The amount of the exemption shall be determined by multiplying the percentage of the fee or life estate owned by such person to the full exemption. The exemption shall not exceed the value of the interest owned by such person. For purposes of the exemption, each owner of a part of the fee or life estate shall be deemed to own equal interest in the homestead."

Time effective

Section 2. This act upon approval by the Governor shall be effective for the tax year beginning January 1, 1980, and each year thereafter.