Current Status Bill Number:3142 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19950110 Primary Sponsor:Neilson All Sponsors:Neilson, Stille, Kelley, Richardson Drafted Document Number:JIC\5203HTC.95 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Agricultural property
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19950110 Introduced, read first time, 30 HWM
referred to Committee
House 19941221 Prefiled, referred to Committee 30 HWM
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-43-222 SO AS TO REQUIRE THE SELLER OF REAL PROPERTY CLASSIFIED AS AGRICULTURAL PROPERTY TO NOTIFY THE BUYER IN WRITING BEFORE COMPLETION OF CLOSING THAT THE PROPERTY MAY BE SUBJECT TO ROLLBACK TAX AND TO PROVIDE THAT FAILURE TO MAKE THE REQUIRED NOTIFICATION RENDERS THE SELLER LIABLE TO THE PURCHASER FOR THE AMOUNT OF THE ROLLBACK TAX.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 3, Chapter 43, Title 12 of the 1976 Code is amended by adding:
"Section 12-43-222. In every sale of real property classified as agricultural real property for purposes of ad valorem taxation, the seller shall notify the purchaser in writing no later than the completion of the closing that the property may be subject to the rollback tax required by Section 12-43-220(d)(4).
Failure to comply with this section shall result in the seller being liable to the purchaser for the amount of rollback tax assessed to the purchaser as a result of the change in use of the property."
SECTION 2. This act takes effect January 1, 1996, and applies with respect to sales after 1995.