BIL:199
RTN:16
ACN:10
TYP:General Bill GB
INB:Senate
IND:20010124
PSP:Leatherman
SPO:Leatherman, Peeler, Giese, McConnell, Wilson, Mescher, Ravenel, Richardson, Waldrep, Branton, Ritchie, Martin, Alexander, Verdin, Grooms, Reese, Courson
DDN:l:\council\bills\pt\1154dw01.doc
CBN:3418
DPB:20010223
GOV:U Signature of Governor not required
DGA:20010306
SUB:Property tax assessment, new class of personal motor vehicle titled by state or federal agency; Taxation, State-owned
HST:
BodyDateAction DescriptionComLeg Involved
______
------20010330Act No. A10
------20010306Signature of Governor not required
------20010306Ratified R16
House20010223Read third time, enrolled for
ratification
House20010222Read second time, unanimous consent
for third reading on the next
Legislative day
House20010220Recalled from Committee30 HWM
House20010220Introduced, read first time,30 HWM
referred to Committee
Senate20010215Read third time, sent to House
Senate20010208Co-Sponsor added by SenatorCourson
Senate20010201Co-Sponsor added by SenatorReese
Senate20010201Co-Sponsor added by SenatorGrooms
Senate20010201Read second time, notice of
general amendments
------20010201Companion Bill No. 3418
------20010201Scrivener's error corrected
Senate20010131Committee report: Favorable06 SF
Senate20010124Introduced, read first time,06 SF
referred to Committee
Versions of This Bill
Revised on 20010131
Revised on 20010201
Revised on 20010220
TXT:
(A10, R16, S199)
AN ACT TO RATIFY AN AMENDMENT TO SECTION 1(8), ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO ASSESSMENT RATIOS AND CLASSES OF PROPERTY FOR PURPOSES OF THE PROPERTY TAX, SO AS TO ESTABLISH A NEW CLASS OF PROPERTY CONSISTING OF PERSONAL MOTOR VEHICLES WHICH MUST BE TITLED BY A STATE OR FEDERAL AGENCY AND LIMITED TO PASSENGER MOTOR VEHICLES AND PICKUP TRUCKS AS DEFINED BY LAW ASSESSED FOR PROPERTY TAX AT NINE AND SEVENTYFIVE HUNDREDTHS PERCENT OF FAIR MARKET VALUE REDUCED IN ANNUAL INCREMENTS OF SEVENTYFIVE HUNDREDTHS OF ONE PERCENT OVER SIX YEARS TO A PERMANENT RATE OF SIX PERCENT OF FAIR MARKET VALUE AND TO PROVIDE THAT THESE REVISED ASSESSMENT RATIOS AND THE NEW CLASS OF PROPERTY APPLIES FOR PROPERTY TAX YEARS BEGINNING AFTER 2001 OR IN EARLIER TAX YEARS AS THE GENERAL ASSEMBLY MAY PROVIDE BY LAW.
Be it enacted by the General Assembly of the State of South Carolina:
Assessment ratios revised
SECTION1.The amendment to Section 1(8), Article X of the Constitution of South Carolina, 1895, prepared under the terms of Joint Resolution 130 of 1999, having been submitted to the qualified electors at the general election of 2000 as prescribed in Section 1, Article XVI of the Constitution of South Carolina, 1895, and a favorable vote having been received on the amendment, is ratified and declared to be a part of the Constitution so that Section 1(8) of Article X is amended to read:
“(8)(A)Except as provided in subitem (B) of this item, all other personal property must be taxed on an assessment equal to ten and onehalf percent of the fair market value of the property.
(B)(1)Personal motor vehicles which must be titled by a state or federal agency, limited to passenger motor vehicles and pickup trucks,
as defined by law, must be taxed on an assessment equal to the following percentage of fair market value of the property:
Property Tax YearPercentage
year 19.75
year 29.00
year 38.25
year 47.50
year 56.75
year 6 and after6.00
(2)This subitem applies for property tax years beginning after 2001 or for earlier tax years as the General Assembly may provide by law.”
Ratified the 6th day of March, 2001.
______
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