2015-2016 Bill 4450: Property Tax Exemptions - South Carolina Legislature Online

1 South Carolina General Assembly 2 121st Session, 2015-2016 3 4 H. 4450 5 6 STATUS INFORMATION 7 8 General Bill 9 Sponsors: Reps. Huggins, Bingham, Quinn, Kennedy, Merrill, Chumley, Burns, V.S. Moss and Clyburn 10 Document Path: l:\council\bills\bbm\9389dg16.docx 11 12 Introduced in the House on January 12, 2016 13 Currently residing in the House Committee on Ways and Means 14 15 Summary: Property tax exemptions 16 17 18 HISTORY OF LEGISLATIVE ACTIONS 19 20 Date Body Action Description with journal page number 21 12/3/2015 House Prefiled 22 12/3/2015 House Referred to Committee on Ways and Means 23 1/12/2016 House Introduced and read first time ( House Journalpage 68) 24 1/12/2016 House Referred to Committee on Ways and Means ( House Journalpage 68) 25 26 View the latest legislative information at the website 27 28 29 VERSIONS OF THIS BILL 30 31 12/3/2015 32 1 2 3 4 5 6 7 8 9 A BILL 10 11 TO AMEND SECTION 1237220, AS AMENDED, CODE OF 12 LAWS OF SOUTH CAROLINA, 1976, RELATING TO 13 PROPERTY TAX EXEMPTIONS, SO AS TO PROVIDE AN 14 EXEMPTION SUFFICIENT TO KEEP THE PROPERTY TAX 15 VALUE OF A HOMESTEAD FROM INCREASING ONCE THE 16 OWNER ATTAINS THE AGE OF SEVENTY YEARS, TO 17 PROVIDE AN ADDITIONAL TWENTYFIVE PERCENT 18 EXEMPTION WHEN A PERSON ATTAINS THE AGE OF 19 SEVENTYFIVE YEARS AND TO INCREASE THE 20 EXEMPTION BY AN ADDITIONAL TWENTYFIVE PERCENT 21 EVERY FIVE YEARS THEREAFTER, AND TO SPECIFY THE 22 APPLICABILITY OF THE EXEMPTION; AND BY ADDING 23 SECTION 124582 SO AS TO PROHIBIT A TAX EXECUTION 24 ON THE HOMESTEAD OF AN INDIVIDUAL THAT HAS 25 ATTAINED THE AGE OF EIGHTY YEARS. 26 27 Be it enacted by the General Assembly of the State of South 28 Carolina: 29 30 SECTION 1. Section 1237220(B) of the 1976 Code, as last 31 amended by Act 23 of 2015, is further amended by adding a new 32 item at the end appropriately numbered to read: 33 34 “( )(a) Beginning for the property tax year in which an 35 individual receiving the homestead exemption allowed pursuant to 36 Section 1237250 attains the age of seventy years, there is exempt 37 an amount of fair market value sufficient to keep the property tax 38 value of the homestead, as such value is defined pursuant to 39 Section 12373135(A)(5), from increasing. If an individual 40 acquires a homestead for which the individual qualifies for the 41 homestead exemption after the individual attains the age of 42 seventy years, then the property tax value to which this subitem

[4450] 2 1 applies is the property tax value on December thirtyfirst of the year 2 in which the homestead is acquired. 3 (b) Effective for property tax years beginning after 2015 and 4 to the extent not already exempt pursuant to Section 1237250 and 5 this section, twentyfive percent of any remaining fair market value 6 of an owneroccupied residential property subject to tax receiving 7 the exemption allowed pursuant to Section 1237250 in the year in 8 which the person attains the age of seventyfive years. 9 (c) Effective for property tax years beginning after 2015 and 10 to the extent not already exempt pursuant to Section 1237250 and 11 this section, fifty percent of any remaining fair market value of an 12 owneroccupied residential property subject to tax receiving the 13 exemption allowed pursuant to Section 1237250 in the year in 14 which the person attains the age of eighty years. 15 (d) Effective for property tax years beginning after 2015 and 16 to the extent not already exempt pursuant to Section 1237250 and 17 this section, seventyfive percent of any remaining fair market 18 value of an owneroccupied residential property subject to tax 19 receiving the exemption allowed pursuant to Section 1237250 in 20 the year in which the person attains the age of eightyfive years. 21 (e) Effective for property tax years beginning after 2015 and 22 to the extent not already exempt pursuant to Section 1237250 and 23 this section, one hundred percent of any remaining fair market 24 value of an owneroccupied residential property subject to tax 25 receiving the exemption allowed pursuant to Section 1237250 in 26 the year in which the person attains the age of ninety years. 27 (f) The additional exemptions allowed by this item continue 28 to apply for a surviving spouse in the same manner that the 29 exemption allowed pursuant to Section 1237250 continues to 30 apply.” 31 32 SECTION 2. Chapter 45, Title 12 of the 1976 Code is amended 33 by adding: 34 35 “Section 124582. Notwithstanding any other provision of law, 36 a tax execution may not be issued on the homestead of an 37 individual receiving the homestead exemption allowed pursuant to 38 Section 1237250, if the person has attained the age of eighty years. 39 This provision applies so long as the person continues to occupy 40 the homestead.” 41

[4450] 3 1 SECTION 3. This act takes effect upon approval by the Governor 2 and applies for property tax years beginning after 2015. 3 XX 4

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