South Carolina General Assembly
113th Session, 1999-2000

Download This Bill in Microsoft Word format

Bill 385


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                      385
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  19990121
Primary Sponsor:                  Leatherman
All Sponsors:                     Leatherman, Giese
Drafted Document Number:          l:\council\bills\kgh\15195htc99.doc
Residing Body:                    Senate
Current Committee:                Finance Committee 06 SF
Subject:                          Property taxes, assessments, delinquent; 
                                  interest rate regardless of when property 
                                  redemption; Taxation


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  19990121  Introduced, read first time,           06 SF
                  referred to Committee


                             Versions of This Bill

View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 12-51-90, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REDEMPTION OF PROPERTY SOLD FOR DELINQUENT TAXES, SO AS TO PROVIDE THAT INTEREST ON THE AMOUNT OF THE TAX SALE BID ACCRUES AT THE RATE OF ONE PERCENT A MONTH OR PORTION OF A MONTH RATHER THAN A RATE OF EIGHT OR TWELVE PERCENT ON THE WHOLE AMOUNT REGARDLESS OF WHEN THE PROPERTY IS REDEEMED.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 12-51-90 of the 1976 Code, as last amended by Act 332 of 1996, is further 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 at the rate of one percent a month or part of a month on the whole amount of the delinquent tax sale bid. In the case of a redemption in the last six months of the redemption period, for all real property except that classified pursuant to Section 12-43-220(c) at the time of the delinquent sale, the applicable rate of interest is twelve percent. 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 and applies to redemptions of property sold for delinquent taxes at sales held on or after that date.

----XX----


This web page was last updated on Wednesday, December 9, 2009 at 9:05 A.M.