2005-2006 Bill 3703: Rollback Property Tax Millage Rate - South Carolina Legislature Online
South Carolina General Assembly
116th Session, 2005-2006
H. 3703
STATUS INFORMATION
General Bill
Sponsors: Reps. Vaughn, Loftis, Haskins, Davenport, Altman, Bailey, Bales, R.Brown, Cato, Ceips, Cooper, Herbkersman, Littlejohn, Rhoad, Rice, Walker, Leach and Bowers
Document Path: l:\council\bills\ggs\22987htc05.doc
Companion/Similar bill(s): 3302
Introduced in the House on March 3, 2005
Introduced in the Senate on June 2, 2005
Last Amended on May 19, 2005
Currently residing in the Senate Committee on Finance
Summary: Rollback property tax millage rate
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
3/3/2005 House Introduced and read first time HJ19
3/3/2005 House Referred to Committee on Ways and Means HJ19
5/11/2005 House Committee report: Favorable with amendment Ways and Means HJ16
5/12/2005 Scrivener's error corrected
5/17/2005 House Member(s) request name added as sponsor: Leach
5/18/2005 House Debate adjourned until Thursday, May 19, 2005 HJ66
5/19/2005 House Amended HJ41
5/19/2005 House Requests for debateRep(s).Skelton, Perry, Lucas, Hiott, Vaughn, Owens, Harrell, MoodyLawrence, GR Smith, Hamilton, Littlejohn, JE Smith, Hosey, Emory, Herbkersman, Pinson, Jefferson, Miller, Anderson, and Whipper HJ43
5/31/2005 House Member(s) request name added as sponsor: Bowers
5/31/2005 House Read second time HJ128
5/31/2005 House Roll call Yeas57 Nays45 HJ131
6/1/2005 House Read third time and sent to Senate HJ82
6/2/2005 Senate Introduced and read first time SJ16
6/2/2005 Senate Referred to Committee on Finance SJ16
VERSIONS OF THIS BILL
3/3/2005
5/11/2005
5/12/2005
5/19/2005
Indicates Matter Stricken
Indicates New Matter
AMENDED
May 19, 2005
H.3703
Introduced by Reps. Vaughn, Loftis, Haskins, Davenport, Altman, Bailey, Bales, R.Brown, Cato, Ceips, Cooper, Herbkersman, Littlejohn, Rhoad, Rice, Walker and Leach
S. Printed 5/19/05--H.
Read the first time March 3, 2005.
[3703-1]
A BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 1243275, SO AS TO REPLACE CALCULATION AND IMPOSITION OF A ROLLBACK PROPERTY TAX MILLAGE RATE FOR REASSESSMENT YEARS WITH A REASSESSMENT YEAR MILLAGE RATE CALCULATED TO PRODUCE NO MORE THAN ONE PERCENT ADDITIONAL PROPERTY TAX REVENUE THAN SUCH REVENUE IN THE PRECEDING YEAR; TO AMEND SECTION 61320, AS AMENDED, RELATING TO MILLAGE RATE LIMITATIONS ON LOCAL GOVERNING BODIES, SO AS TO DELETE AUTHORIZATION FOR MILLAGE RATE INCREASES EQUAL TO INCREASES IN THE CONSUMER PRICE INDEX WITHOUT A POSITIVE MAJORITY VOTE OF THE GOVERNING BODY; AND TO AMEND SECTION 1237251, AS AMENDED, RELATING TO THE RESIDENTIAL PROPERTY TAX EXEMPTION FROM SCHOOL OPERATING MILLAGE AND CALCULATION OF THE ROLLBACK TAX SO AS TO DELETE THE ROLLBACK TAX PROVISIONS MADE OBSOLETE BY THE PROVISIONS OF THIS ACT.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 61320(A) of the 1976 Code is amended to read:
“(A) Notwithstanding Section 1237251(E), a local governing body may increase the millage rate imposed for general operating purposes above the rate imposed for such purposes for the preceding tax year only to the extent of the increase in the consumer price index for the preceding calendar year. However, in the year in which a reassessment program is implemented, the rollback millage, as calculated pursuant to Section 1237251(E), must be used in lieu of the previous year’s millage rate. For every property tax year, including a year of implementation of a countywide assessment and equalization program conducted pursuant to Section 1243217, the property tax millage for operating purposes of all property taxing entities in the county must be adjusted to a rate estimated to produce no more operating revenues than the total of such revenues received by the entity in the preceding property tax year, increased by the greater of:
(1) estimated property tax operating revenue attributable to property and improvements not previously taxed, for new construction, and for renovations to existing structures; or
(2) a percentage equal to any increase in the consumer price index over the same period.”
SECTION 2. Section 1237251(E) of the 1976 Code is amended to read:
“(E) Rollback millage is calculated by dividing the prior year property tax revenues by the adjusted total assessed value applicable in the year the values derived from a countywide equalization and reassessment program are implemented. This amount of assessed value must be adjusted by deducting assessments added for property or improvements not previously taxed, for new construction, and for renovation of existing structures. Reserved”
SECTION 3. This act takes effect January 1, 2006.
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