Current Status Introducing Body:House Bill Number:3302 Primary Sponsor:Neilson Committee Number:30 Type of Legislation:GB Subject:Property, rollback tax provisions Residing Body:House Current Committee:Ways and Means Computer Document Number:JIC/5050HC.93 Introduced Date:19930128 Last History Body:House Last History Date:19930128 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Neilson Hines Davenport Sharpe R. Young Byrd Williams Worley Witherspoon Klauber Moody-Lawrence Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
3302 House 19930128 Introduced, read first time, 30
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-43-222 SO AS TO REQUIRE THE SELLER OF REAL PROPERTY CLASSIFIED AS AGRICULTURAL PROPERTY TO NOTIFY THE BUYER IN WRITING BEFORE COMPLETION OF CLOSING THAT THE PROPERTY MAY BE SUBJECT TO ROLLBACK TAX AND TO PROVIDE THAT FAILURE TO MAKE THE REQUIRED NOTIFICATION RENDERS THE SELLER LIABLE TO THE PURCHASER FOR THE AMOUNT OF THE ROLLBACK TAX.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 3, Chapter 43, Title 12 of the 1976 Code is amended by adding:
"Section 12-43-222. In every sale of real property classified as agricultural real property for purposes of ad valorem taxation, the seller shall notify the purchaser in writing no later than the completion of the closing that the property may be subject to the rollback tax required by Section 12-43-220(d)(4).
Failure to comply with this section shall result in the seller being liable to the purchaser for the amount of rollback tax assessed to the purchaser as a result of the change in use of the property."
SECTION 2. This act takes effect January 1, 1994, and applies with respect to sales after 1993.