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Sponsors: Reps. Long, Erickson, Clemmons, Bales, Fry, Loftis, Burns, Hewitt, Bannister, Forrester, Herbkersman, Huggins, Lowe, D.C. Moss, B. Newton, W. Newton, Pope, Robinson, Sandifer, Simrill, G.M. Smith, G.R. Smith, Tallon, Toole and Trantham
Document Path: l:\council\bills\nbd\11176dg19.docx
Introduced in the House on January 15, 2019
Currently residing in the House Committee on Ways and Means
Summary: Ad valorem taxes
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/15/2019 House Introduced and read first time (House Journal-page 79) 1/15/2019 House Referred to Committee on Ways and Means (House Journal-page 79)
View the latest legislative information at the website
VERSIONS OF THIS BILL
TO AMEND SECTION 12-43-220, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CLASSIFICATION OF PROPERTY AND ASSESSMENT RATIOS FOR PURPOSES OF AD VALOREM TAXATION, SO AS TO LIMIT ROLLBACK TAXES TO ONE YEAR WHEN LAND CLASSIFIED AS AGRICULTURAL REAL PROPERTY IS APPLIED TO ANOTHER USE.
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 to read:
"(4) Except as provided pursuant to Section 12-43-222, when real property which is in agricultural use and is being valued, assessed, and taxed under the provisions of this article, is applied to a use other than agricultural, it is subject to additional taxes,
hereinafter referred to as roll-back rollback taxes, in an amount equal to the difference, if any, between the taxes paid or payable on the basis of the valuation and the assessment authorized hereunder pursuant to this item and the taxes that would have been paid or payable had the real property been valued, assessed, and taxed as other real property in the taxing district, in the current tax year (the year of change in use) and each of the five tax years the last tax year immediately preceding in which the real property was valued, assessed, and taxed as herein provided in this item. If in the tax year in which a change in use of the real property occurs the real property was not valued, assessed, and taxed under this article, then the real property is subject to roll-back rollback taxes for each of the five the last tax years year immediately preceding in which the real property was valued, assessed, and taxed hereunder pursuant to this item. In determining the amounts of the roll-back rollback taxes chargeable on real property which has undergone a change in use, the assessor shall for each of the roll-back rollback tax years year involved shall ascertain:
(A) the fair market value without consideration of the standing timber of such real property under the valuation standard applicable to other real property in the same classification;
(B) the amount of the real property assessment for the particular tax year by multiplying such fair market value by the appropriate assessment ratio provided in this article;
(C) the amount of the additional assessment on the real property for the particular tax year by deducting the amount of the actual assessment on the real property for that year from the amount of the real property assessment determined under (B) of this section;
(D) the amount of the
roll-back rollback for that tax year by multiplying the amount of the additional assessment determined under (C) of this section by the property tax rate of the taxing district applicable for that tax year."
SECTION 2. This act takes effect upon approval by the Governor and applies for agricultural real property changed to another use after 2018.
This web page was last updated on January 16, 2019 at 12:28 PM