SC S0815

Proposes amending Article X, Sections 1 and 2 of the South Carolina Constitution to give the General Assembly authority to establish property tax classifications and assessment ratios by law

Removes current constitutionally fixed assessment ratios, including the 10.5% rate for manufacturers/utilities/mining, 9.5% for transportation companies, 4% for legal residences, and 6% for other real property

Eliminates the existing requirement that changes to property tax assessment ratios must be approved by two-thirds of each legislative chamber

Requires the amendment to be submitted to voters at the next general election for representatives with a yes/no ballot question

Maintains provision that existing property assessment statutes remain in force until changed by the General Assembly