Current Status Bill Number:289 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19950110 Primary Sponsor:Greg Smith All Sponsors:Greg Smith Drafted Document Number:RES9520.GS Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Property tax collections
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19950110 Introduced, read first time, 06 SF
referred to Committee
Senate 19941114 Prefiled, referred to Committee 06 SF
View additional legislative information at the LPITS web site.
TO AMEND SECTION 12-51-90, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ALTERNATE PROCEDURES FOR COLLECTION OF PROPERTY TAXES, SO AS TO PROVIDE THAT UPON REDEMPTION OF PROPERTY BY A DELINQUENT TAXPAYER, INTEREST SHALL BE PAID BY THE TAXPAYER AT A RATE EQUIVALENT TO THE AVERAGE RATE OF INTEREST ON 91-DAY TREASURY BILLS FOR THE PERIOD FROM THE DATE OF THE DELINQUENT TAX SALE TO THE LAST DAY OF THE MONTH PRECEDING THE MONTH ON WHICH THE REDEMPTION IS MADE, RATHER THAN INTEREST PAID AT EIGHT PERCENT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-51-90 of the 1976 Code is amended to read:
"Section 12-51-90. The defaulting taxpayer, any grantee from the owner, or any mortgage or judgment creditor may within twelve months from the date of the delinquent tax sale redeem each item of real estate by paying to the person officially charged with the collection of delinquent taxes, assessments, penalties, and costs, together with eight percent interest on the whole amount of the delinquent tax sale bid. Interest shall be paid at a rate equivalent to the average rate of interest on 91-day Treasury bills for the period from the date of the delinquent tax sale to the last day of the month preceding the month on which the redemption is made. If prior to the expiration of the redemption period, the purchaser assigns his interest in any real property purchased at a delinquent tax sale, the grantee from the successful bidder shall furnish the person officially charged with the collection of delinquent taxes a conveyance, witnessed and notarized. The person officially charged with the collection of delinquent taxes shall replace the successful bidder's name and address with the grantee's name and address in the delinquent tax sale book."
SECTION 2. This act takes effect upon approval by the Governor.