Current Status Bill Number:3380 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970205 Primary Sponsor:Rice All Sponsors:Rice and Robinson Drafted Document Number:jic\50941itc.97 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Agricultural property, written notice to transferees of rollback tax liability; Taxation, Agriculture
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19970205 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 27-1-60 SO AS TO REQUIRE WRITTEN NOTICE TO TRANSFEREES OF REAL PROPERTY CLASSIFIED AS AGRICULTURAL REAL PROPERTY OF POTENTIAL ROLLBACK TAX LIABILITY, TO PROVIDE THE TIME AND FORM OF THE NOTICE AND THOSE PERSONS RESPONSIBLE FOR ENSURING THAT THIS NOTICE IS PROVIDED, AND TO PROVIDE THAT NONCOMPLIANCE WITH THIS NOTICE REQUIREMENT DOES NOT AFFECT THE VALIDITY OF ANY TRANSACTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 1, Title 27 of the 1976 Code is amended by adding:
"Section 27-1-60. In a transaction involving the transfer of real property classified as agricultural real property pursuant to Article 3, Chapter 43 of Title 12, the transferor shall provide written notice at the time of the transfer to the transferee in substantially the following form:
'The Real Property included in this transaction is classified for property tax purposes as "agricultural real property" for the current property tax year. If the new owner changes the use of this property or fails to make the required application to retain its current classification, even if the property is otherwise eligible, the property is subject to rollback tax as imposed pursuant to Section 12-43-220(d)(4), Code of Laws of South Carolina, 1976.'
The notice must be signed by the transferor and the transferee. If an attorney or licensed real estate broker handles the closing for the transferor, then the responsibility for providing the notice required by this section is on the attorney or broker, whichever is in attendance at the closing.
Failure to comply with the notice requirements of this section does not affect the validity of the transaction."
SECTION 2. This act takes effect January 1, 1998.