Current Status Bill Number:View additional legislative information at the LPITS web site.649 Ratification Number:417 Act Number:366 Introducing Body:Senate Subject:Relating to the classification of property qualifying for the homestead exemption pursuant to Section 12-37-250, Code of Laws of South Carolina, 1976 (taxpayers sixty-five or over, totally and permanently disabled, or legally blind), as residential
(A366, R417, S649)
AN ACT TO AMEND ACT 332 OF 1980, AS AMENDED, RELATING TO THE CLASSIFICATION OF PROPERTY QUALIFYING FOR THE HOMESTEAD EXEMPTION PURSUANT TO SECTION 12-37-250, CODE OF LAWS OF SOUTH CAROLINA, 1976 (TAXPAYERS SIXTY-FIVE OR OVER, TOTALLY AND PERMANENTLY DISABLED, OR LEGALLY BLIND), AS RESIDENTIAL, SO AS TO PROVIDE FOR THE INCLUSION OF AGRICULTURALLY CLASSIFIED LANDS IN SUCH HOMESTEAD EXEMPTION.
Be it enacted by the General Assembly of the State of South Carolina:
Classification of property
SECTION 1. Section 1 of Act 332 of 1980 is amended to read:
"Section 1. Notwithstanding any other provision of law, property that qualifies for the homestead exemption pursuant to Section 12-37-250 of the 1976 Code is classified and taxed as residential on an assessment equal to four percent of the property's fair market value. Any agriculturally classified lands that are a part of the homestead must be taxed on an assessment equal to four percent of the lands' value for agricultural purposes. The county auditor shall notify the county assessor of the property so qualifying and no further application is required for such classification and taxation."
Time effective
SECTION 2. This act upon approval by the Governor shall be effective for the tax year beginning January 1, 1983, and each year thereafter.