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H. 4424

STATUS INFORMATION

General Bill
Sponsors: Reps. Corley, Chumley and Burns
Document Path: l:\council\bills\dka\3140sa16.docx

Introduced in the House on January 12, 2016
Currently residing in the House Committee on Ways and Means

Summary: Classification and assessment ratios of properties

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   12/3/2015  House   Prefiled
   12/3/2015  House   Referred to Committee on Ways and Means
   1/12/2016  House   Introduced and read first time (House Journal-page 62)
   1/12/2016  House   Referred to Committee on Ways and Means 
                        (House Journal-page 62)

View the latest legislative information at the website

VERSIONS OF THIS BILL

12/3/2015

TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CLASSIFICATION AND ASSESSMENT RATIOS OF CERTAIN PROPERTIES, SO AS TO DELETE PROVISIONS RELATING TO ROLL-BACK TAXES.

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)    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 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 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 immediately preceding in which the real property was valued, assessed, and taxed as herein provided. 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 taxes for each of the five tax years immediately preceding in which the real property was valued, assessed, and taxed hereunder. In determining the amounts of the roll-back taxes chargeable on real property which has undergone a change in use, the assessor shall for each of the roll-back tax years involved 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 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. Reserved."

SECTION    2.    This act takes effect upon approval by the Governor and applies for property tax years and changes in use beginning or occurring after 2015. A taxpayer who paid roll-back taxes for a change in use occurring in 2016 prior to the effective date of this act is entitled to a refund upon application to the county.

This web page was last updated on January 13, 2016 at 1:05 PM