Current Status Introducing Body:
HouseBill Number: 3364Primary Sponsor: WrightCommittee Number: 30Type of Legislation: GBSubject: Property tax, homestead exemptionResiding Body: HouseCurrent Committee: Ways and MeansComputer Document Number: JIC/5269HC.93Introduced Date: 19930203Last History Body: HouseLast History Date: 19930203Last History Type: Introduced, read first time, referred to CommitteeScope of Legislation: StatewideAll Sponsors: Wright Vaughn Simrill Quinn Sturkie Canty Neal Byrd Koon Stuart Harrison J. BaileyType of Legislation: General Bill
Bill Body Date Action Description CMN Leg Involved ____ ______ ____________ ______________________________ ___ ____________ 3364 House 19930203 Introduced, read first time, 30 referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-251 SO AS TO EXEMPT FROM PROPERTY TAX THAT AMOUNT OF FAIR MARKET VALUE OF RESIDENTIAL PROPERTY QUALIFYING FOR THE HOMESTEAD EXEMPTION WHICH REPRESENTS INCREASES IN THE FAIR MARKET VALUE OF THE PROPERTY OCCURRING AFTER THE PROPERTY FIRST QUALIFIES FOR THE HOMESTEAD EXEMPTION AND TO PROVIDE AN EXCEPTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 3, Chapter 37, Title 12 of the 1976 Code is amended by adding:
"Section 12-37-251. In addition to the exemption amount allowed for the homestead exemption pursuant to Section 12-37-250, an additional amount of fair market value of property qualifying for the homestead exemption equal to increases in fair market value occurring after the year the property first qualifies for the homestead exemption is exempt from ad valorem taxation. This exemption does not extend to increases in fair market value attributable to permanent improvements made to the property after the property qualifies for the homestead exemption but this exemption does extend to increases in fair market value attributable to routine maintenance performed on the property."
SECTION 2. This act takes effect upon approval by the Governor and applies for tax years beginning after 1992 and fair market value increases occurring after 1992.