§ 2-140. Annual tax levy; homestead exemption.

(a)

Annual tax levy. The council shall impose by ordinance, a copy of which shall be published at least 20 days before the adoption thereof, an annual tax at such rate, in its discretion, as will yield an amount necessary for the general purposes of the town, not exceeding the limit permitted by law. Such tax shall be levied by council on the property within the corporate limits as assessed for taxation for county and state purposes as provided in this chapter.

(b)

Homestead exemption.

(1)

The first $50,000.00 of the fair market value of the dwelling place of persons shall be exempt from county, school and special assessment real estate property taxes when such persons have been residents of this state for at least one year, have each reached the age of 65 years on or before December 31 or any person who has been classified as totally and permanently disabled by a state or federal agency having the function of so classifying persons, preceding the tax year in which the exemption herein is claimed and hold complete fee simple title or a life estate to the dwelling place. Any person claiming to be totally and permanently disabled, but who has not been so classified by one of such agencies, may apply to the state agency of vocational rehabilitation. The agency shall make an evaluation of such person using its own standards. The exemption shall include the dwelling place when jointly owned in complete fee simple or life estate by husband and wife and either has reached 65 years of age, or is totally and permanently disabled, on or before December 31 preceding the tax year in which the exemption is claimed and either has been a resident of the state for one year. The exemption shall not, however, be granted unless such persons or their agents make written application therefor on or before July 15 of the tax year in which the exemption is claimed and shall also pay all real property taxes due by such persons before the date prescribed by statute for the imposition thereon of a late penalty or interest charge. The application for the exemption shall be made to the town clerk-treasurer upon forms provided by the town, and a failure to so apply shall constitute a waiver of the exemption for that year. The term "dwelling place," as used in this subsection (b), means the permanent home and legal residence of the applicant. The provisions of this section shall apply to life estates created by will and also to life estates otherwise created which were in effect as of the date of passage.

(2)

The town council shall promulgate such rules and regulations as may be necessary to carry out the provisions herein.

(3)

Nothing herein shall be construed as an intent to cause the reassessment of any person's property.

(Code 1973, § 21-7; Code 1988, § 1-5-2; Ord. No. 21-50, 3-12-1979; Ord. of 3-12-1979)

State law reference

Adoption of annual budget and tax levy, S.C. Code 1976, § 5-11-40; municipal taxes, S.C. Code 1976, § 5-21-110 et seq.; collection of municipal taxes, S.C. Code 1976, § 5-7-300; local homestead exemption authorized, S.C. Code 1976, §§ 12-37-250, 12-37-285; criteria for qualification of life estates for homestead tax exemption, S.C. Code 1976, § 12-37-265; homestead exemption for dwellings held in trust, S.C. Code 1976, § 12-37-266.