Current Status Introducing Body:Senate Bill Number:659 Primary Sponsor:Passailaigue Committee Number:06 Type of Legislation:GB Subject:Property tax reassessment, political subdivisions Residing Body:Senate Current Committee:Finance Computer Document Number:JIC/5769HC.93 Introduced Date:19930408 Last History Body:Senate Last History Date:19930408 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Passailaigue Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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659 Senate 19930408 Introduced, read first time, 06
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-43-292 SO AS TO PROHIBIT A POLITICAL SUBDIVISION OF THE STATE, INCLUDING A SCHOOL DISTRICT IN A REASSESSMENT YEAR FROM INCREASING ITS BUDGET MORE THAN FOUR PERCENT OVER THE PRIOR YEAR'S BUDGET, TO EXCLUDE DEBT SERVICE FROM THE LIMITATION, TO REQUIRE THE STATE TREASURER TO WITHHOLD TWENTY PERCENT OF ALL STATE AID OTHERWISE DUE A POLITICAL SUBDIVISION VIOLATING THE LIMITATION, AND TO PROVIDE THAT THE DIVISION OF RESEARCH AND STATISTICAL SERVICES SHALL REVIEW BUDGETS OF POLITICAL SUBDIVISIONS IN A COUNTY UNDERGOING REASSESSMENT AND CERTIFY TO THE STATE TREASURER ANY POLITICAL SUBDIVISIONS FAILING TO MEET THE LIMIT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 3, Chapter 43, Title 12 of the 1976 Code is amended by adding:
"Section 12-43-292. (A) In addition to any other limitations provided by law, the annual budget for a political subdivision of the State, including a school district, for a fiscal year beginning in a reassessment year may not exceed the entity's budget for the previous year by more than four percent. This limitation does not apply to that portion of the budget used for debt service.
(B) If a political subdivision of the State fails to meet the reassessment year budget limit provided in subsection (A) of this section, the State Treasurer shall withhold twenty percent of state aid otherwise due the political subdivision in the applicable fiscal year. The Division of Research and Statistical Services of the State Budget and Control Board shall examine the budgets of political subdivisions in a county in which a reassessment and equalization plan takes effect and certify to the State Treasurer any political subdivision failing to meet the limit imposed pursuant to subsection (A) of this section."
SECTION 2. This act takes effect January 1, 1994.