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H 3626 - Eliminates the 15 percent limit on increases in real property and eliminates the assessable transfer of interest that changes the value of real property

Tracking Level: Of Interest
Sponsor: Christopher Hart (D)
Last Action: 1/16/2019 - House - Referred to Committee on Ways and Means
House Committee: WM
Assigned To:
Property TaxesNext Bill

Staff Analysis of the Legislation
Summary of the bill as introduced: Eliminates the 15 percent limit on increases in real property and eliminates the assessable transfer of interest that changes the value of real property.

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Session 123 - (2019-2020)Printer Friendly
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H 3626 Joint Resolution, By Hart
Summary: Property tax
    A JOINT RESOLUTION PROPOSING AN AMENDMENT TO SECTION 6, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO PROPERTY TAX AND THE METHOD OF VALUATION OF REAL PROPERTY AND THE LIMITS ON INCREASES IN THE VALUE OF REAL PROPERTY FOR PURPOSES OF THE PROPERTY TAX, SO AS TO REQUIRE THE GENERAL ASSEMBLY TO PROVIDE BY LAW A DEFINITION OF "FAIR MARKET VALUE" FOR REAL PROPERTY FOR PURPOSES OF THE PROPERTY TAX, TO ELIMINATE THE FIFTEEN PERCENT LIMIT ON INCREASES IN THE VALUE OF REAL PROPERTY OVER FIVE YEARS AND TO ELIMINATE AN ASSESSABLE TRANSFER OF INTEREST AS AN EVENT THAT MAY CHANGE THE VALUE OF THE REAL PROPERTY.
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01/16/19House Introduced and read first time (House Journal-page 27)
01/16/19House Referred to Committee on Ways and Means (House Journal-page 27)


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