Staff Analysis of the Legislation |
02.22.11 The Senate Finance committee gave this bill a favorable report with an amendment.The amendment sunsets the three year extension of the discount.
02.15.11 The Senate Finance Property Taxation subcommittee gave this bill a favorable report with an amendment. As soon as the amendment is available, it will be posted.
Summary of the bill as introduced: Allows an assessor to determine a reasonable time to sell platted lots is nine years and if the application for the discounted rate comes after May 1 but before June 1 the owner shall receive the discounted rate. The bill also extends multiple lot discounts from five years to seven years. |
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South Carolina Legislature Mobile
Session 119 - (2011-2012)
S 0447 General Bill, By O'Dell, Peeler, Leatherman, Bryant, Nicholson, Cleary, Alexander, Cromer, Elliott, Setzler, Ford, Knotts and Campbell
Summary: Tax Assessment of undeveloped acreage A BILL TO AMEND SECTION 12-43-224, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE ASSESSMENT OF UNDEVELOPED ACREAGE SUBDIVIDED INTO LOTS, SO AS TO PROVIDE THAT THE ASSESSOR MAY DETERMINE THAT A REASONABLE TIME TO SELL THE PLATTED LOTS IS NINE YEARS, AND TO PROVIDE THAT IF APPLICATION FOR THE DISCOUNTED RATE COMES AFTER MAY FIRST BUT BEFORE JUNE FIRST, THE OWNER SHALL RECEIVE THE DISCOUNTED RATE BUT THE DISCOUNT SHALL BE REDUCED; AND TO AMEND SECTION 12-43-225, AS AMENDED, RELATING TO MULTIPLE LOT DISCOUNTS, SO AS TO EXTEND THE DISCOUNT FROM FIVE TO SEVEN YEARS, TO PROVIDE THAT THE DISCOUNT RUNS WITH THE PROPERTY UNTIL THE DISCOUNT IS TERMINATED, TO PROVIDE THAT IF APPLICATION FOR THE DISCOUNTED RATES COMES AFTER MAY FIRST BUT BEFORE JUNE FIRST THE OWNERS SHALL RECEIVE THE DISCOUNTED RATE BUT THE DISCOUNT SHALL BE REDUCED, AND TO PROVIDE THAT APPLICATION FOR THE DISCOUNTED RATE ONLY MUST BE MADE IN THE FIRST YEAR. View full text
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