Property Tax Classification
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill amends South Carolina law regarding property tax classifications. Specifically, it expands the definition of a ‘legal residence’ to include certain dwellings located on the same property as the owner’s primary residence, as well as dwellings occupied by immediate family members of the owner. This change aims to ensure that properties with multiple residences on the same land are taxed consistently.
Key provisions
- Expands the definition of ‘legal residence’ to include dwellings on the same property.
- Includes immediate family members of the property owner within the definition of a legal residence.
- Applies a four percent assessment ratio to properties considered legal residences, including contiguous land and additional dwellings.
- Addresses trust arrangements where the income beneficiary occupies the property.
- Clarifies assessment ratios for leased or rented properties.
- Specifies that the four percent assessment ratio does not apply to businesses or rental properties located on the property.
- Requires the residence to be the owner’s domicile to qualify as a legal residence.
Who is affected
- Property owners
- Real estate taxpayers
- Local governments (assessing authorities)
- Residents of South Carolina
Notable changes
Bill text
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