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TO AMEND SECTION 12-37-251, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE PARTIAL RESIDENTIAL PROPERTY TAX EXEMPTION FROM PROPERTY TAX MILLAGE IMPOSED FOR SCHOOL OPERATIONS AND THE CALCULATION OF THE ROLLBACK MILLAGE APPLICABLE FOR THE YEAR OF IMPLEMENTATION OF A COUNTYWIDE ASSESSMENT AND EQUALIZATION PROGRAM, SO AS TO PROVIDE FOR A ROLLBACK CALCULATION DETERMINED BY DIVIDING THE PRIOR YEARS PROPERTY TAX LEVY BY A REASONABLE ESTIMATE OF REASSESSED VALUES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-251(E) of the 1976 Code is amended to read:
"(E) Rollback millage is calculated by dividing the prior years property tax revenues levy by a reasonable estimate of the adjusted total assessed value applicable in the year the values derived from a countywide equalization and reassessment program are implemented. This amount estimate of assessed value must be adjusted by deducting assessments added for property or improvements not previously taxed, for new construction, and for renovation of existing structures."
SECTION 2. This act takes effect upon approval by the Governor.
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