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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-980 SO AS TO PROVIDE FOR DETERMINING THE FAIR MARKET VALUE OF OFF-PREMISES OUTDOOR ADVERTISING SIGNS FOR PURPOSES OF THE PROPERTY TAX.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 5, Chapter 37, Title 12 of the 1976 Code is amended by adding:
"Section 12-37-980. (A) Notwithstanding any other provision of law, the fair market value of off-premises outdoor advertising signs for purposes of the property tax must be determined as provided in this subsection. The Uniform Standards of Professional Appraisal Practices (USPAP) must be used in determining the fair market value of these signs and includes the following factors:
(1) the sale price of similar off-premises outdoor advertising signs;
(2) the physical condition of the off-premises outdoor advertising sign;
(3) the productivity of the off-premises outdoor advertising sign;
(4) the economic utility of the property on which the off-premises outdoor advertising sign is located, or the usability and adaptability for industrial, commercial, or other purpose;
(5) the value of the off-premises outdoor advertising sign permit issued by an appropriate governing body; and
(6) any other factor that may affect the value of the property on which the off-premises outdoor advertising sign is located.
(B) The fair market value of the sign as reported on the owner's annual business personal property tax return filed with the South Carolina Department of Revenue must be the value as determined pursuant to subsection (A) of this section."
SECTION 2. This act takes effect upon approval by the Governor and applies for property tax years beginning after 2005.
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