Current Status Introducing Body:House Bill Number:3085 Primary Sponsor:Koon Type of Legislation:GB Subject:Real estate tax payments, refunds or underpayments Residing Body:House Date Tabled:19930526 Computer Document Number:JIC/5179HC.93 Introduced Date:19930112 Last History Body:House Last History Date:19930526 Last History Type:Tabled Scope of Legislation:Statewide All Sponsors:Koon Wright Riser Gamble Stuart Sturkie Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
3085 House 19930526 Tabled
3085 House 19930519 Committee Report: Favorable 30
with amendment
3085 House 19930112 Introduced, read first time, 30
referred to Committee
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COMMITTEE REPORT
May 19, 1993
H. 3085
Introduced by REPS. Koon, Wright, Riser, Gamble, Stuart and Sturkie
S. Printed 5/19/93--H.
Read the first time January 12, 1993.
To whom was referred a Bill (H. 3085), to amend Section 12-43-305, as amended, Code of Laws of South Carolina, 1976, relating to payment of taxes on real estate when the valuation of property is under appeal, etc., respectfully
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, by striking SECTION 1 and inserting:
/SECTION 1. Section 12-43-305 of the 1976 Code, as last amended by Act 655 of 1988, is further amended by adding at the end:
"If the valuation of more than five percent of the parcels of real property in a county is appealed as a result of a reassessment and equalization program, no interest is due on refunds or underpayments for any month the valuation remains under appeal beginning after June 30 of the year succeeding the reassessment year."/
Amend title to conform.
WILLIAM D. BOAN, for Committee.
STATEMENT OF ESTIMATED FISCAL IMPACT
This Bill amends Section 12-43-305 to provide that no interest is due on refunds or underpayments when the valuation of more than five percent of the taxable parcels in a county is under appeal as a result of a reassessment and equalization program.
This Bill would have no effect on state revenue. The affect on local property tax revenue is undeterminable.
Depending on the outcome of many appeals in reassessment years, potential revenue losses from interest payments to taxpayers would be reduced, but potential revenue gains from interest paid by taxpayers would be lost. The net result in undeterminable.
Approved By:
A. Crawford Clarkson, Jr.
S.C. Tax Commission
TO AMEND SECTION 12-43-305, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PAYMENT OF TAXES ON REAL ESTATE WHEN THE VALUATION OF PROPERTY IS UNDER APPEAL, SO AS TO PROVIDE THAT NO INTEREST IS DUE ON REFUNDS OR UNDERPAYMENTS WHEN THE VALUATION OF MORE THAN FIVE PERCENT OF THE TAXABLE PARCELS IN A COUNTY IS UNDER APPEAL AS A RESULT OF A REASSESSMENT AND EQUALIZATION PROGRAM.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-43-305 of the 1976 Code, as last amended by Act 655 of 1988, is further amended by adding at the end:
"If the valuation of more than five percent of the parcels of real estate in a county is appealed as a result of a reassessment and equalization program, no interest is due on refunds or underpayments at the time the valuation is settled on appeal."
SECTION 2. This act takes effect upon approval by the Governor and applies with respect to equalization and reassessment programs occurring after 1991.