A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-43-220, RELATING TO ROLLBACK TAXES, SO AS TO PROVIDE THAT ROLLBACK TAXES ONLY APPLY TO THE PREVIOUS TAX YEAR INSTEAD OF THE PREVIOUS THREE TAX YEARS.

 

Be it enacted by the General Assembly of the State of South Carolina:

 

SECTION 1.  Section 12-43-220(d)(4) of the S.C. Code, before the colon, is amended to read:

 

    (4) Except as provided pursuant to Section 12-43-222, 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, as evidenced by actions taken by the owner of the real property which is inconsistent with agricultural use, it is subject to additional taxes, referred to as rollback 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 pursuant to this item 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 three tax years year immediately preceding in which the real property was valued, assessed, and taxed as provided in this item.  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 rollback taxes for each of the three tax years year immediately preceding in which the real property was valued, assessed, and taxed pursuant to this item.  In determining the amounts of the rollback taxes chargeable on real property which has undergone a change in use, the assessor for the rollback tax years involved shall ascertain:

 

SECTION 2.  This act takes effect upon approval by the Governor.

----XX----