Download This Version in Microsoft Word format
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, SO AS TO ENACT THE "UNIFORM AND FAIR GOLF COURSE VALUATION ACT OF 2004" BY ADDING SECTION 12-43-365 SO AS TO PROVIDE FOR THE MANNER IN WHICH THE FAIR MARKET VALUE OF GOLF COURSE REAL PROPERTY IS DETERMINED FOR AD VALOREM TAX PURPOSES AND THE PROCEDURES WHICH APPLY WITH RESPECT TO THIS DETERMINATION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. This act is known and may be cited as the "Uniform and Fair Golf Course Valuation Act of 2004".
SECTION 2. Chapter 43, Title 12 of the 1976 Code is amended by adding:
"Section 12-43-365. (A) As used in this section, unless the context clearly indicates otherwise:
(1) 'Golf course real property' means all parcels owned by a golf course owner constituting in the aggregate the golf operation which includes the golf course, clubhouse, tennis facilities, swimming pools, maintenance facilities, cart storage facilities, driving range, wetlands, drainage areas, pumping stations, parking lots, golf course entry roadways from public highways, and irrigation and effluent disposal areas associated with a golf operation.
(2) 'Gross revenue' means revenue from dues, green fees, guest fees, tournament fees, outing fees, cart rentals to members and guests on the golf course real property, rents from lease of facilities, merchandise sales, food and beverage sales, driving range, lessons, club rentals, club repairs, locker rentals, swimming fees, tennis fees, athletic fees, handicap fees, and any other miscellaneous fees received as a result of the operation of the golf course real property. Excluded from gross revenues are refundable membership deposits or initiation fees, interest income, and revenue payable directly to golf course personnel for lessons.
(3) 'Gross revenue multiplier' means a factor equal to one and one-tenth.
(B) The fair market value of golf course real property for ad valorem tax purposes is gross revenue multiplied by the gross revenue multiplier.
(C)(1) The department shall develop a form for the golf course owner to use to certify and attest golf course gross revenue to the assessor of the county in which the golf course is located. The assessor shall provide the form to the golf course owner or the owner's agent. The assessor of the county in which the golf course real property is located may audit the submission of golf course gross revenue for purposes of determining compliance with this section.
(2) The form developed by the department shall provide for the sole proprietor, the corporate president, or chief financial officer, the managing member of a limited liability company or the partner in a partnership, or an officer of a lessee of the golf course real property, if the lease requires the lessee to pay the ad valorem taxes, of a golf course or club operation to attest, under penalties of perjury, the golf course gross revenue.
(D) For purposes of Section 12-43-217 and subsection (B), the assessor shall determine the fair market value of golf course real property for ad valorem tax purposes for the applicable time period by taking the average of the golf course gross revenues for the immediately preceding three calendar years. If there is less than three years of golf course gross revenue records available, then the assessor shall use the golf course gross revenues that are available from the specific golf course to determine the golf course gross revenues that shall be used for purposes of subsection (B). A golf course owner has the right to appeal the valuation of the golf course real property in the same manner and time as other property owners may appeal.
(E) Nothing in this section shall affect the right of a homeowner's association to elect the special valuation of homeowner's association property pursuant to Section 12-43-227."
SECTION 3. Notwithstanding the provisions of Section 12-43-217 of the 1976 Code, the provisions of this act apply beginning with the taxable year in which this act takes effect.
SECTION 4. This act takes effect upon approval by the Governor.
This web page was last updated on Thursday, June 25, 2009 at 10:01 A.M.