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453Ratification Number: 309Act Number: 307Introducing Body: SenateSubject: Payment of property taxes, interest, and penalties when property valuation is appealed
(A307, R309, S453)
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-43-305 SO AS TO PROVIDE FOR THE PAYMENT OF TAXES, INTEREST, AND PENALTIES WHEN THE VALUATION OF THE PROPERTY TAXED IS APPEALED.
Be it enacted by the General Assembly of the State of South Carolina:
Appeal of property valuation
SECTION 1. The 1976 Code is amended by adding:
"Section 12-43-305. Upon receipt of written notice of appeal of a property valuation and if it is reasonably expected that the appeal may delay the assessment of the property beyond December thirty-first of the tax year, the assessing officer shall immediately prepare an assessment for the property under appeal based on either the assessed value of the property for the previous year or eighty percent of the assessed value of the property for the current year, whichever is greater. The auditor shall enter the assessment on the tax duplicate and the tax must be paid as in other cases.
After final administrative review of the appeal, if the valuation is greater than the value of the assessment set by the assessing official in accordance with this section, an assessment must be made and entered based on the difference between the value of the assessment determined by this section and the value settled by the appeal.
If the valuation is less than that set as provided herein, the assessment as entered must be reduced to that determined by the final administrative review. The tax paid on the
difference between the assessment as entered and that determined after final administrative review must be refunded together with interest at the rate of one percent a month on the amount of the overpayment.
Interest at the rate of one percent must be added for each month the tax was unpaid because of the appeal and collected in the same manner as the tax.
This section does not apply to personal property registered or licensed with a state agency."
SECTION 2. This act, upon approval by the Governor, is effective for the tax year 1986 and all subsequent tax years.