Reference is to Printer's Date 3/27/19-H.
Amend the bill, as and if amended, by striking all after the enacting words and inserting:
/ SECTION 1. Section 12-43-220(d)(4) of the 1976 Code is amended to read:
"(4)
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, 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)
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)
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 roll-back
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."
SECTION 2. This act takes effect January 1, 2020, and applies for agricultural real property changed to another use after 2019. /
Renumber sections to conform.
Amend title to conform.