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Indicates Matter Stricken
Indicates New Matter
AS PASSED BY THE SENATE
June 1, 2000
H. 3750
Introduced by Reps. Walker, Allison, Altman, Bailey, Barfield, Barrett, Battle, Beck, H. Brown, Campsen, Carnell, Cato, Chellis, Cooper, Cotty, Dantzler, Davenport, Easterday, Edge, Fleming, Gilham, Hamilton, Harrell, Harris, Harrison, Harvin, Haskins, Hawkins, Hinson, Jennings, Keegan, Kelley, Kennedy, Kirsh, Klauber, Knotts, Koon, Lanford, Law, Leach, Limehouse, Littlejohn, Loftis, Martin, Mason, McCraw, McGee, M. McLeod, Meacham-Richardson, Miller, Neilson, Phillips, Quinn, Rhoad, Rice, Riser, Robinson, Rodgers, Sandifer, Scott, Seithel, Sharpe, Simrill, D. Smith, R. Smith, Stille, Stuart, Taylor, Townsend, Tripp, Trotter, Vaughn, Webb, Whatley, Wilder, Wilkins, Witherspoon, Woodrum, Young-Brickell and Lucas
S. Printed 6/01/00--S. [SEC 6/2/00 5:27 PM]
Read the first time April 13, 2000.
TO AMEND SECTION 12-43-224, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE MULTIPLE LOT DISCOUNT ALLOWED FOR PURPOSES OF PROPERTY TAX VALUATION WHEN UNDEVELOPED ACREAGE IS SURVEYED INTO INDIVIDUAL RESIDENTIAL LOTS, SO AS TO DELETE THE DISCOUNT PROVISION AND PROVIDE THAT THE VALUE OF THESE LOTS AND ANY IMPROVEMENTS IS DEEMED TO BE ITS UNDEVELOPED VALUE UNTIL THE SOONER OF THE DATE THE LOT IS SOLD OR THE RESIDENCE CONSTRUCTED THEREON IS CERTIFIED FOR OCCUPANCY.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. .A. Article 3, Chapter 43, Title 12 of the 1976 Code is amended by adding:
"Section 12-43-225. (A) For subdivision lots in a conditional or final plat filed after 2000, and notwithstanding the provisions of Section 12-43-224, a subdivision lot discount is allowed in the valuation of the platted lots only as provided in subsection (B) of this section, and this discounted value applies for five property tax years or until the lot is sold, or a certificate of occupancy is issued for the improvement on the lot, or the improvement is occupied, whichever of them elapses or occurs first. When the discount allowed by this section no longer applies, the lots must be individually valued as provided by law.
(B) To be eligible for a subdivision lot discount, the final or conditional plat filed must contain at least ten building lots. The owner must apply for the discount by means of a written application to the assessor on or before May first of the year for which the discount is claimed. The value of each platted building lot is calculated: (1) by dividing the total number of platted building lots into the value of the entire parcel as undeveloped real property; and (2) as provided in Section 12-43-224 and the difference between the two calculations determined. The value of a lot as determined under Section 12-43-224 is reduced as follows:
For lots in plats filed in 2001, the value is reduced by thirty percent of the difference. For lots in plats filed in 2002, the value is reduced by sixty percent. For lots in plats filed after 2002, the value is reduced by one hundred percent of the difference.
(C) If a lot allowed the discount provided by this section is sold to the holder of a residential homebuilder's license or general contractor's license, the discount continues through the first tax year which ends twelve months from the date of sale if the purchaser files a written application for the discount with the county assessor by March first of the year for which the applicant is claiming the discount."
B. The provisions of Section 12-43-225 of the 1976 Code added by subsection A of this section are not severable, and if court of competent jurisdiction determines any part of the section to be unconstitutional or otherwise invalid, the entire section is therefore invalid and the provisions of Section 12-43-224 of the 1976 Code shall remain operative to provide multiple lot discounts.
SECTION 2. The Department of Revenue may amend the 2000 Index of Taxpaying Ability, as defined in Section 59-2-20(3), up to July 1, 2000, for the purposes of calculating the 2000 Index of Taxpaying Ability.
SECTION 3. Upon approval by the Governor, this act is effective for property tax years beginning after 1999.
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