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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-43-360 SO AS TO ALLOW THE GOVERNING BODY OF A COUNTY BY ORDINANCE TO REDUCE THE ASSESSMENT RATIO APPLICABLE TO GENERAL AVIATION AIRCRAFT SUBJECT TO PROPERTY TAX IN THE COUNTY TO AN AMOUNT NOT LESS THAN FOUR PERCENT OF THE FAIR-MARKET VALUE OF THE AIRCRAFT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 3, Chapter 43, Title 12 of the 1976 Code is amended by adding:
"Section 12-43-360. The governing body of a county by ordinance may reduce the assessment ratio otherwise applicable in determining the assessed value of general aviation aircraft subject to property tax in the county to a ratio not less than four percent of the fair-market value of the general aviation aircraft. The ordinance must apply uniformly to all general aviation aircraft subject to property tax in the county."
SECTION 2. This act takes effect upon approval by the Governor.
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