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S. 13

STATUS INFORMATION

Joint Resolution
Sponsors: Senators Kuhn, Ford, Mescher, Elliott and Ravenel
Document Path: l:\council\bills\gjk\20041sd03.doc

Introduced in the Senate on January 14, 2003
Currently residing in the Senate Committee on Finance

Summary: Constitutional amendment, property tax, maximum amount to tax 1% of assessed value

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   12/4/2002  Senate  Prefiled
   12/4/2002  Senate  Referred to Committee on Finance
   1/14/2003  Senate  Introduced and read first time SJ-26
   1/14/2003  Senate  Referred to Committee on Finance SJ-26

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/4/2002

PROPOSING AN AMENDMENT TO ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO FINANCE AND TAXATION, BY ADDING SECTION 6A SO AS TO PROVIDE THAT THE MAXIMUM AMOUNT OF ANY AD VALOREM TAX ON REAL PROPERTY SHALL NOT EXCEED ONE PERCENT OF THE ASSESSED VALUE OF THE PROPERTY ACCORDING TO THE RECORDS OF THE COUNTY ASSESSOR AS OF DECEMBER 31, 1998, AND TO PROVIDE THAT THE GENERAL ASSEMBLY BY LAW SHALL PROVIDE FOR THE TERMS, CONDITIONS, AND PROCEDURES TO IMPLEMENT THE ABOVE PROVISIONS.

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

SECTION    1. It is proposed that Article X of the Constitution of this State be amended by adding:

"Section 6A.    (A)    The maximum amount of any ad valorem tax on real property shall not exceed one percent of the assessed value of the property according to the records of the county assessor as of December 31, 1998. The one percent tax must be collected by the counties and apportioned among the taxing entities in the county as the General Assembly shall provide by law to the extent that the collective ad valorem taxes in any year of all taxing entities in the county exceed the limitation provided by this section.

(B)    The limitation provided for in subsection (A) shall not apply to ad valorem taxes or assessments to pay the debt service on any bonded indebtedness incurred by a taxing entity in a county approved by the qualified electors of that taxing entity either before or after the date of the ratification of the provisions of this section.

(C)    If the real property is sold or a change in ownership occurs, after December 31, 1998, or if new improvements are constructed thereon, the assessed value shall be adjusted to reflect the appropriate increase or decrease in value. In addition, a county may reassess any real property at its date of transfer if the transfer occurred after the date of the last countywide reassessment but before December 31, 1998.

(D)    The General Assembly by law may also provide that under appropriate circumstances and pursuant to definitions and procedures established by law, any person over the age of sixty-five years or totally and permanently disabled who resides in property that is eligible for the homestead exemption may transfer the assessed value of the property entitled to exemption, with any adjustments authorized, to any replacement dwelling of equal or lesser value located within the same county and purchased or newly constructed by that person as his principal residence.

(E)    The assessed value may reflect from year to year an inflationary rate not to exceed two percent for any given year or reduction as shown in the consumer price index or comparable data or may be reduced to reflect substantial damage, destruction, or other factors causing a decline in value."

SECTION    2.    The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:

"Must Article X of the Constitution of this State be amended by adding Section 6A so as to provide that the maximum amount of any ad valorem tax on real property shall not exceed one percent of the assessed value of such property according to the records of the county assessor as of December 31, 1998, and to provide that the General Assembly by law shall provide for the terms, conditions, and procedures to implement the above provisions?

Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."

This web page was last updated on Monday, December 7, 2009 at 10:13 A.M.