Current Status Bill Number:View additional legislative information at the LPITS web site.1193 Ratification Number:425 Act Number:543 Introducing Body:Senate Subject:Require that the value of agricultural real property for taxable years 1986 and 1987 be determined by using South Carolina Tax Commission guidelines used in 1985 for determining fair market value for agricultural use
(A543, R425, S1193)
A JOINT RESOLUTION TO REQUIRE THAT THE VALUE OF AGRICULTURAL REAL PROPERTY FOR TAXABLE YEARS 1986 AND 1987 BE DETERMINED BY USING SOUTH CAROLINA TAX COMMISSION GUIDELINES USED IN 1985 FOR DETERMINING FAIR MARKET VALUE FOR AGRICULTURAL USE AND TO REQUIRE THE TAX STUDY COMMISSION TO CONDUCT A REVIEW OF ALL AGRICULTURAL LAND USE AND VALUATION REGULATIONS AND REPORT ITS FINDINGS AND RECOMMENDATIONS TO THE GENERAL ASSEMBLY NO LATER THAN MARCH 31, 1988.
Be it enacted by the General Assembly of the State of South Carolina:
County assessors to use guidelines
SECTION 1. For the purpose of determining the fair market value of agricultural real property based on use for the 1986 and 1987 ad valorem taxable years, county assessors shall use the guidelines distributed by the South Carolina Tax Commission for determining fair market value for agricultural use in the 1985 ad valorem taxable year.
Tax Commission to undertake study
SECTION 2. The Tax Study Commission shall undertake a review of all regulations of the South Carolina Tax Commission relating to agricultural land use and valuation for the purpose of determining if modifications of the regulations are appropriate and where it determines that regulations should be modified, to make recommendations for appropriate regulation amendments. The Commission shall report its findings and any recommendations to the General Assembly no later than March 31, 1988.
Time effective
SECTION 3. This act shall take effect upon approval by the Governor.