H 4441 Session 111 (1995-1996)
H 4441 General Bill, By B.D. Cain, Askins, Bailey, G. Brown, C.D. Chamblee,
Davenport, J.G. Felder, R.C. Fulmer, H.M. Hallman, Harvin, Haskins,
R.J. Herdklotz, T.E. Huff, M.F. Jaskwhich, Lanford, Limehouse, Littlejohn,
Lloyd, L.M. Martin, McCraw, McKay, Phillips, Rice, Riser, Robinson, Sandifer,
Seithel, Sharpe, R. Smith, Stille, Vaughn and Whatley
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 a maximum rollback tax of
one hundred dollars when real property is changed from agricultural use.
01/16/96 House Introduced and read first time HJ-5
01/16/96 House Referred to Committee on Ways and Means HJ-5
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 A MAXIMUM ROLLBACK TAX OF ONE
HUNDRED 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 Act 404 of 1988, 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.
Notwithstanding the provisions of this item with respect to the
calculation of the rollback tax liability, the maximum rollback tax
that may be imposed with respect to any one parcel is one hundred
dollars."
SECTION 2. Upon approval by the Governor, this act is
effective for taxable years beginning after 1995.
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