Current Status Introducing Body:House Bill Number:4950 Primary Sponsor:G. Bailey Committee Number:30 Type of Legislation:GB Subject:Agricultural property tax, rollback tax deleted Residing Body:House Current Committee:Ways and Means Computer Document Number:JIC/5816HTC.94 Introduced Date:19940322 Last History Body:House Last History Date:19940322 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:G. Bailey Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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4950 House 19940322 Introduced, read first time, 30
referred to Committee
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TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CLASSIFICATION AND ASSESSMENT RATIOS OF PROPERTY FOR PURPOSES OF AD VALOREM TAXATION, SO AS TO DELETE THE ROLLBACK TAX AND TO IMPOSE A CHANGE OF USE PENALTY IN THE AMOUNT OF FIFTY DOLLARS WHEN REAL PROPERTY IS CHANGED FROM AGRICULTURAL USE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-43-220(d)(4) of the 1976 Code, as last amended by Section 219, Act 181 of 1993, is further amended to read:
"(4) When real property which is in agricultural use and is being valued, assessed, and taxed under the provisions of this article, is applied to a use other than agricultural, it is subject to additional taxes, hereinafter referred to as roll-back taxes, in an amount equal to the difference, if any, between the taxes paid or payable on the basis of the valuation and the assessment authorized hereunder and the taxes that would have been paid or payable had the real property been valued, assessed, and taxed as other real property in the taxing district, in the current tax year (the year of change in use) and each of the five tax years immediately preceding in which the real property was valued, assessed, and taxed as herein provided. If in the tax year in which a change in use of the real property occurs the real property was not valued, assessed, and taxed under this article, then the real property is subject to roll-back taxes for each of the five tax years immediately preceding in which the real property was valued, assessed, and taxed hereunder. In determining the amounts of the roll-back taxes chargeable on real property which has undergone a change in use, the assessor shall for each of the roll-back tax years involved ascertain:
(A) the fair market value of such real property under the valuation standard applicable to other real property in the same classification;
(B) the amount of the real property assessment for the particular tax year by multiplying such fair market value by the appropriate assessment ratio provided in this article;
(C) the amount of the additional assessment on the real property for the particular tax year by deducting the amount of the actual assessment on the real property for that year from the amount of the real property assessment determined under (B) of this section;
(D) the amount of the rollback for that tax year by multiplying the amount of the additional assessment determined under (C) of this section by the property tax rate of the taxing district applicable for that tax year a change of use penalty in an amount equal to fifty dollars which must be added to the tax due and which is collectible as taxes are collected."
SECTION 2. This section takes effect on the first day of the second month following approval by the Governor and applies to changes of use occurring on or after that date.