Senator FANNING proposed the following amendment (3596R001.SP.MWF):

Amend the bill, as and if amended, by striking SECTION 1 in its entirety and inserting:

/ SECTION1. Section 12-43-220(d)(4) of the 1976 Code is amended to read:

" (4)(A)Except as provided pursuant to Section 12-43-222, 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, as evidenced by an action taken by the owner of the real property which is inconsistent with agricultural use, it is subject to additional taxes, hereinafter referred to as roll-back rollback 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 pursuant to this item 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 three tax years immediately preceding in which the real property was valued, assessed, and taxed as herein provided in this item. 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 rollback taxes for each of the five three tax years immediately preceding in which the real property was valued, assessed, and taxed hereunder pursuant to this item. In determining the amounts of the roll-back rollback taxes chargeable on real property which has undergone a change in use, the assessor shall for each of the roll-back rollback tax years involved shall ascertain:

(A)(i)the fair market value without consideration of the standing timber of such real property under the valuation standard applicable to other real property in the same classification;

(B)(ii)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)(iii)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)(ii) of this section;

(D)(iv)the amount of the roll-back rollback for that tax year by multiplying the amount of the additional assessment determined under (C)(iii) of this section by the property tax rate of the taxing district applicable for that tax year.

(B) For a taxpayer applying real property to a use other than agriculture pursuant to this section, the discounted value allowed pursuant to Section 12-43-225(A) may only apply for three property tax years." /