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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) The fair market value of golf course real property for ad valorem tax purposes is defined as the sum of the value of the golf course real property and the golf course gross multiple revenue. For purposes of this section:
(1) the value of the golf course real property shall be five hundred dollars per acre; and,
(2) the golf course gross multiple revenue shall be the gross revenue generated pursuant to the operation of the golf course, excluding refundable initiation deposits, from the calendar year prior to assessment multiplied by a factor of one and one-tenths.
(B) Golf course real property does not come within the provisions of this section unless the owner of the golf course real property or its agent makes a written application for it on or before the first penalty date for taxes due for the first tax year in which the special valuation is claimed. The application must be made with respect to all real property dedicated to the operation of the golf course. The application for the special valuation must be made to the assessor of the county in which the special valuation property is located, on forms provided by the county and approved by the department which includes the reporting of the golf course gross revenue, and failure to apply constitutes a waiver of the special valuation for that year. The assessor of the county in which the special valuation property is located may audit the submission of gross revenue by the owner of the golf course for purposes of determining compliance with this section.
(C) 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.
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