Constitutional amendment
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This constitutional amendment proposes changes to South Carolina’s property tax system. It would give the General Assembly the authority to establish classifications and assessment ratios for various types of property, including real estate, personal property, and agricultural land. The amendment outlines specific tax rates for different categories of property, such as manufacturers, transportation companies, and agricultural operations, and includes a phased approach for transitioning to new assessment ratios. It also allows the General Assembly to define property classes and establish administrative procedures.
Key provisions
- The General Assembly can determine property classifications and assessment ratios.
- Specific tax rates are established for manufacturers, transportation companies, and agricultural land.
- Agricultural land is taxed at varying rates based on ownership structure and land use.
- Personal motor vehicles are subject to a declining tax rate over a six-year period.
- The General Assembly can establish administrative procedures for property classifications.
- The General Assembly can transition to new assessment ratios over a seven-year period.
- Changes to assessment ratios require a two-thirds vote in both houses of the General Assembly.
- A ballot question will be presented to voters to approve the amendment.
Who is affected
- Property owners
- Businesses
- Farmers
- The South Carolina General Assembly
Bill text
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