Current Status Introducing Body:House Bill Number:4642 Primary Sponsor:Stone Committee Number:30 Type of Legislation:GB Subject:Property tax assessment, rollback tax deleted Residing Body:House Current Committee:Ways and Means Computer Document Number:CYY/19018.SD Introduced Date:Mar 31, 1992 Last History Body:House Last History Date:Mar 31, 1992 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Stone Sharpe Smith Type of Legislation:General Bill
Bill Body Date Action Description CMN
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4642 House Mar 31, 1992 Introduced, read first time, 30
referred to Committee
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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 1991.