South Carolina H 3803: Fadol C Brown

Bill Text

2025-2026 Bill 3803 Text of Previous Version (Jan. 28, 2025) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 3803

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS 
BY AMENDING section 6-1-320, RELATING TO THE LIMIT ON ANNUAL PROPERTY TAX 
MILLAGE INCREASES IMPOSED BY POLITICAL SUBDIVISIONS, SO AS TO RESTORE THE 
FORMER METHOD OF OVERRIDING THE ANNUAL CAP BY A POSITIVE MAJORITY OF THE 
APPROPRIATE GOVERNING BODY AND DELETING THE SUPER MAJORITY REQUIREMENT FOR 
OVERRIDING THE CAP FOR SPECIFIC CIRCUMSTANCES; BY AMENDING SECTION 11-11-150, 
RELATING TO THE TRUST FUND FOR TAX RELIEF, SO AS TO RESTORE FUNDING FOR THE 
RESIDENTIAL PROPERTY TAX EXEMPTION AND FULL FUNDING FOR THE SCHOOL-OPERATING 
MILLAGE PORTION OF THE REIMBURSEMENT PAID LOCAL GOVERNMENTS FOR THE HOMESTEAD 
PROPERTY TAX EXEMPTION FOR THE ELDERLY OR DISABLED; BY AMENDING SECTION 12-37-220, 
RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO DELETE THE EXEMPTION REIMBURSED 
FROM THE HOMESTEAD EXEMPTION FUND FROM ALL SCHOOL-OPERATING MILLAGE ALLOWED ALL 
OWNER-OCCUPIED RESIDENTIAL PROPERTY; BY AMENDING SECTION 12-37-270, RELATING TO 
THE REIMBURSEMENTS PAID LOCAL GOVERNMENTS FOR PROPERTY TAX NOT COLLECTED AS A 
RESULT OF THE HOMESTEAD EXEMPTION FOR THE ELDERLY OR DISABLED AND, AMONG OTHER 
THINGS, THE APPLICATION OF PROPERTY TAX CREDITS IN COUNTIES WHERE THE USE OF 
LOCAL OPTION SALES TAX REVENUES GIVE RISE TO A CREDIT AGAINST SCHOOL-OPERATING 
PROPERTY TAX MILLAGE, SO AS TO MAKE CONFORMING AMENDMENTS; BY AMENDING SECTION 
12-37-251, RELATING TO THE CALCULATION OF "ROLLBACK TAX MILLAGE" APPLICABLE FOR 
REASSESSMENT YEARS, SO AS TO RESTORE THE FORMER EXEMPTION ALLOWED FROM A 
PORTION OF SCHOOL-OPERATING MILLAGE FOR ALL OWNER-OCCUPIED RESIDENTIAL 
PROPERTY; BY REPEALING ARTICLE 7 of CHAPTER 10, TITLE 4 RELATING TO THE LOCAL 
OPTION SALES AND USE TAX FOR LOCAL PROPERTY TAX CREDITS; BY REPEALING SECTIONS 
11-11-157, 11-11-155, AND 11-11-156 RELATING TO THE HOMESTEAD EXEMPTION TRUST 
FUND; BY REPEALING ARTICLE 11 OF CHAPTER 36, TITLE 12 RELATING TO THE STATEWIDE 
ADDITIONAL ONE PERCENT SALES AND USE TAX THE REVENUES OF WHICH REIMBURSE SCHOOL 
DISTRICTS FOR THE HOMESTEAD EXEMPTION FROM ALL PROPERTY TAX MILLAGE IMPOSED FOR 
SCHOOL OPERATIONS; BY AMENDING SECTIONS 12-37-3130, 12-37-3140, AND 12-37-3150, 
RELATING TO DEFINITIONS, VALUATION, AND ASSESSABLE TRANSFERS OF INTEREST, FOR 
PURPOSES OF THE "SOUTH CAROLINA REAL PROPERTY VALUATION REFORM ACT," SO AS TO 
ELIMINATE THE "POINT OF SALE" VALUATION OF REAL PROPERTY FOR PURPOSES OF 
IMPOSITION OF THE PROPERTY TAX AND RETURN TO THE FORMER VALUATION SYSTEM IN 
WHICH REAL PROPERTY AND IMPROVEMENTS TO REAL PROPERTY ARE APPRAISED BY THE 
ASSESSOR AND PERIODICALLY ADJUSTED IN COUNTYWIDE REAPPRAISALS, TO PROVIDE THAT 
WHEN THE FIFTEEN PERCENT CAP OVER FIVE YEARS ON INCREASES IN FAIR MARKET VALUE 
OF REAL PROPERTY RESULTS IN A VALUE THAT IS LOWER THAN THE FAIR MARKET VALUE OF 
THE PROPERTY AS DETERMINED BY THE ASSESSOR THAT THE LOWER VALUE BECOMES THE 
PROPERTY TAX VALUE OF THE REAL PROPERTY AND IS DEEMED ITS FAIR MARKET VALUE FOR 
PURPOSES OF IMPOSITION OF PROPERTY TAX, TO PROVIDE THAT AN ASSESSABLE TRANSFER 
OF INTEREST IS A TRANSFER OF OWNERSHIP OR OTHER INSTANCE CAUSING A "STEPUP" IN 
THE PROPERTY TAX VALUE OF REAL PROPERTY TO ITS FAIR MARKET VALUE AS DETERMINED 
BY THE ASSESSOR, TO REQUIRE THE CAP ON INCREASES IN VALUE TO BE APPLIED 
SEPARATELY TO REAL PROPERTY AND THE IMPROVEMENTS THEREON, AND TO PROVIDE WHEN 
THE STEPUP VALUE FIRST APPLIES; BY AMENDING SECTION 12-60-30, RELATING TO THE 
DEFINITION OF "PROPERTY TAX ASSESSMENT" FOR PURPOSES OF THE SOUTH CAROLINA 
REVENUE PROCEDURES ACT, SO AS TO REQUIRE THE NOTICES TO INCLUDE PROPERTY TAX 
VALUE AND PROVIDE THAT THE APPLICABLE ASSESSMENT RATIO APPLIES TO THE LOWER OF 
FAIR MARKET VALUE, PROPERTY TAX VALUE, OR SPECIAL USE VALUE; BY AMENDING 
SECTION 12-60-2510, RELATING TO THE FORM OF ASSESSMENT NOTICES ISSUED BY THE 
COUNTY ASSESSOR, SO AS TO PROVIDE THAT THESE NOTICES MUST CONTAIN THE PROPERTY 
TAX VALUE OF REAL PROPERTY AND IMPROVEMENTS IN ADDITION TO FAIR MARKET VALUE 
AND SPECIAL USE VALUE; BY REPEALING ARTICLE 25 of CHAPTER 37, TITLE 12 RELATING 
TO THE SOUTH CAROLINA REAL PROPERTY VALUATION REFORM ACT, IF CERTAIN 
CONSTITUTIONAL AMENDMENTS ARE RATIFIED; BY AMENDING SECTION 12-43-220, RELATING 
TO PROPERTY TAX EXEMPTIONS AND SECTIONS 12-60-30 AND 12-60-2510, RELATING TO 
TAX PROCEDURES, ALL SO AS TO MAKE CONFORMING AMENDMENTS, AND MAKE THESE REPEALS 
AND AMENDMENTS CONTINGENT UPON RATIFICATION OF AN AMENDMENT TO SECTION 6, 
ARTICLE X OF THE CONSTITUTION OF THIS STATE ELIMINATING THE FIFTEEN PERCENT CAP 
OVER FIVE YEARS IN INCREASES IN THE VALUE OF REAL PROPERTY FOR PURPOSES OF 
IMPOSITION OF THE PROPERTY TAX AND ELIMINATING AN ASSESSABLE TRANSFER OF 
INTEREST AS AN