2005-2006 Bill 3703: Rollback Property Tax Millage Rate - South Carolina Legislature Online

1 South Carolina General Assembly 2 116th Session, 2005-2006 3 4 H. 3703 5 6 STATUS INFORMATION 7 8 General Bill 9 Sponsors: Reps. Vaughn, Loftis, Haskins, Davenport, Altman, Bailey, Bales, R. Brown, Cato, Ceips, 10 Cooper, Herbkersman, Littlejohn, Rhoad, Rice, Walker, Leach and Bowers 11 Document Path: l:\council\bills\ggs\22987htc05.doc 12 Companion/Similar bill(s): 3302 13 14 Introduced in the House on March 3, 2005 15 Introduced in the Senate on June 2, 2005 16 Last Amended on May 19, 2005 17 Currently residing in the Senate Committee on Finance 18 19 Summary: Rollback property tax millage rate 20 21 22 HISTORY OF LEGISLATIVE ACTIONS 23 24 Date Body Action Description with journal page number 25 3/3/2005 House Introduced and read first time HJ-19 26 3/3/2005 House Referred to Committee on Ways and Means HJ-19 27 5/11/2005 House Committee report: Favorable with amendment Ways and Means HJ-16 28 5/12/2005 Scrivener's error corrected 29 5/17/2005 House Member(s) request name added as sponsor: Leach 30 5/18/2005 House Debate adjourned until Thursday, May 19, 2005 HJ-66 31 5/19/2005 House Amended HJ-41 32 5/19/2005 House Requests for debate-Rep(s). Skelton, Perry, Lucas, Hiott, Vaughn, Owens, Harrell, 33 Moody-Lawrence, GR Smith, Hamilton, Littlejohn, JE Smith, Hosey, Emory, 34 Herbkersman, Pinson, Jefferson, Miller, Anderson, and Whipper HJ-43 35 5/31/2005 House Member(s) request name added as sponsor: Bowers 36 5/31/2005 House Read second time HJ-128 37 5/31/2005 House Roll call Yeas-57 Nays-45 HJ-131 38 6/1/2005 House Read third time and sent to Senate HJ-82 39 6/2/2005 Senate Introduced and read first time SJ-16 40 6/2/2005 Senate Referred to Committee on Finance SJ-16 41 42 43 VERSIONS OF THIS BILL 44 45 3/3/2005 46 5/11/2005 47 5/12/2005 48 5/19/2005 49 1 Indicates Matter Stricken 2 Indicates New Matter 3 4 AMENDED 5 May 19, 2005 6 7 H. 3703 8 9 Introduced by Reps. Vaughn, Loftis, Haskins, Davenport, Altman, 10 Bailey, Bales, R. Brown, Cato, Ceips, Cooper, Herbkersman, 11 Littlejohn, Rhoad, Rice, Walker and Leach 12 13 S. Printed 5/19/05--H. 14 Read the first time March 3, 2005. 15 16

1 [3703-1] 1 2 3 4 5 6 7 8 9 A BILL 10 11 TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 12 1976, BY ADDING SECTION 12-43-275, SO AS TO REPLACE 13 CALCULATION AND IMPOSITION OF A ROLLBACK 14 PROPERTY TAX MILLAGE RATE FOR REASSESSMENT 15 YEARS WITH A REASSESSMENT YEAR MILLAGE RATE 16 CALCULATED TO PRODUCE NO MORE THAN ONE 17 PERCENT ADDITIONAL PROPERTY TAX REVENUE THAN 18 SUCH REVENUE IN THE PRECEDING YEAR; TO AMEND 19 SECTION 6-1-320, AS AMENDED, RELATING TO MILLAGE 20 RATE LIMITATIONS ON LOCAL GOVERNING BODIES, SO 21 AS TO DELETE AUTHORIZATION FOR MILLAGE RATE 22 INCREASES EQUAL TO INCREASES IN THE CONSUMER 23 PRICE INDEX WITHOUT A POSITIVE MAJORITY VOTE OF 24 THE GOVERNING BODY; AND TO AMEND SECTION 25 12-37-251, AS AMENDED, RELATING TO THE 26 RESIDENTIAL PROPERTY TAX EXEMPTION FROM 27 SCHOOL OPERATING MILLAGE AND CALCULATION OF 28 THE ROLLBACK TAX SO AS TO DELETE THE ROLLBACK 29 TAX PROVISIONS MADE OBSOLETE BY THE PROVISIONS 30 OF THIS ACT. 31 Amend Title To Conform 32 33 Be it enacted by the General Assembly of the State of South 34 Carolina: 35 36 SECTION 1. Section 6-1-320(A) of the 1976 Code is amended to 37 read: 38 39 “(A) Notwithstanding Section 12-37-251(E), a local governing 40 body may increase the millage rate imposed for general operating 41 purposes above the rate imposed for such purposes for the 42 preceding tax year only to the extent of the increase in the

1 [3703] 1 1 consumer price index for the preceding calendar year. However, in 2 the year in which a reassessment program is implemented, the 3 rollback millage, as calculated pursuant to Section 12-37-251(E), 4 must be used in lieu of the previous year’s millage rate. For every 5 property tax year, including a year of implementation of a 6 countywide assessment and equalization program conducted 7 pursuant to Section 12-43-217, the property tax millage for 8 operating purposes of all property taxing entities in the county 9 must be adjusted to a rate estimated to produce no more operating 10 revenues than the total of such revenues received by the entity in 11 the preceding property tax year, increased by the greater of: 12 (1) estimated property tax operating revenue attributable to 13 property and improvements not previously taxed, for new 14 construction, and for renovations to existing structures; or 15 (2) a percentage equal to any increase in the consumer price 16 index over the same period.” 17 18 SECTION 2. Section 12-37-251(E) of the 1976 Code is amended 19 to read: 20 21 “(E) Rollback millage is calculated by dividing the prior year 22 property tax revenues by the adjusted total assessed value 23 applicable in the year the values derived from a countywide 24 equalization and reassessment program are implemented. This 25 amount of assessed value must be adjusted by deducting 26 assessments added for property or improvements not previously 27 taxed, for new construction, and for renovation of existing 28 structures. Reserved” 29 30 SECTION 3. This act takes effect January 1, 2006. 31 ----XX---- 32

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