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TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CLASSIFICATION OF PROPERTY AND APPLICABLE ASSESSMENT RATIOS FOR PURPOSES OF THE PROPERTY TAX, SO AS TO PROVIDE THAT IN THE CASE OF REAL PROPERTY CHANGED FROM AGRICULTURAL USE FOR DEVELOPMENT AS RESIDENTIAL PROPERTY, THE ROLLBACK TAX OTHERWISE APPLICABLE APPLIES FOR TWO RATHER THAN FIVE PRECEDING PROPERTY TAX YEARS.
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 is amended by adding at the end:
"(E) Notwithstanding the provisions of this subitem (4), when real property is changed from agricultural use for the purpose of developing the real property for residential use, the rollback tax imposed to this subitem is imposed for the preceding two property tax years rather than the otherwise applicable five preceding property tax years. The taxpayer subject to the reduced rollback tax allowed by this subsubitem shall provide such evidence as the assessor may require to determine eligibility for this reduced rollback tax."
SECTION 2. This act takes effect upon approval by the Governor and applies for property changed from agricultural use after 2004.
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