S 0275 General Bill, By M.F. Mullinax
 A Bill 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 provide that the rollback tax may
 not be imposed when the use of property assessed as agricultural is changed to
 residential use and in lieu of the rollback tax a change of use penalty in the
 amount of twenty-five dollars is to be imposed in these cases.

   10/29/90  Senate Prefiled
   10/29/90  Senate Referred to Committee on Finance
   01/08/91  Senate Introduced and read first time SJ-98
   01/08/91  Senate Referred to Committee on Finance SJ-98

A BILL

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 PROVIDE THAT THE ROLLBACK TAX MAY NOT BE IMPOSED WHEN THE USE OF PROPERTY ASSESSED AS AGRICULTURAL IS CHANGED TO RESIDENTIAL USE AND IN LIEU OF THE ROLLBACK TAX A CHANGE OF USE PENALTY IN THE AMOUNT OF TWENTY-FIVE DOLLARS IS TO BE IMPOSED IN THESE CASES.

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 Act 404 of 1988, is further amended by adding at the end:

"When the use of real property assessed as agricultural is changed to a residential use which qualifies the property for a four or six percent assessment ratio, the property is not subject to the rollback taxes imposed in this item but is subject to a change of use penalty in an amount equal to twenty-five dollars which must be added to the tax due and which is collectible as taxes are collected."

SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 1990.