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518Ratification Number: 364Act Number: 334Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19990223Primary Sponsor: LandAll Sponsors: Land, McGill, Saleeby, Hayes, Moore, Rankin, Gregory, Peeler, ReeseDrafted Document Number: l:\council\bills\kgh\15324htc99.docDate Bill Passed both Bodies: 20000525Governor's Action: SDate of Governor's Action: 20000606Subject: Property taxes, delinquent; interest payment percentage rates, redemption period; TaxationHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20000628 Act No. A334 ------ 20000606 Signed by Governor ------ 20000531 Ratified R364 House 20000525 Read third time, enrolled for ratification House 20000524 Read second time House 20000523 Debate adjourned until Wednesday, 20000524 House 20000517 Committee report: Favorable 30 HWM House 20000411 Introduced, read first time, 30 HWM referred to Committee Senate 20000406 Read third time, sent to House Senate 20000323 Read second time, notice of general amendments Senate 20000322 Recalled from Committee, 06 SF placed on the Calendar Senate 19990303 Co-Sponsor added by Senator Reese Senate 19990223 Introduced, read first time, 06 SF referred to Committee Versions of This Bill Revised on March 22, 2000 - Word format Revised on May 17, 2000 - Word format
(A334, R364, S518)
AN ACT 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 WHOLE AMOUNT OF THE TAX SALE BID IS AT THE RATE OF THREE, SIX, NINE, OR TWELVE PERCENT, RISING FOR EACH THREE MONTHS OF THE REDEMPTION PERIOD RATHER THAN A RATE OF EIGHT OR TWELVE PERCENT ON THE WHOLE AMOUNT REGARDLESS OF WHEN THE PROPERTY IS REDEEMED, AND TO PROVIDE THAT INTEREST DUE MUST NOT EXCEED THE BID ON THE PROPERTY SUBMITTED BY THE FORFEITED LAND COMMISSION.
Be it enacted by the General Assembly of the State of South Carolina:
Interest due on redemption
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. (A) 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 interest as provided in subsection (B) of this section. 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.
(B) Interest is due on the whole amount of the delinquent tax sale based on the month during the redemption period the property is redeemed according to the following schedule:
Month of Redemption Period Interest Imposed
First three months three percent
Months four, five, and six six percent
Months seven, eight, and nine nine percent
Last three months twelve percent
However, in every redemption, the amount of interest due must not exceed the amount of the bid on the property submitted on behalf of the forfeited land commission pursuant to Section 12-51-55."
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.
Ratified the 31st day of May, 2000.
Approved the 6th day of June, 2000.
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