Bill Text: SC H3524 | 2023-2024 | 125th General Assembly | Introduced
Bill Title: Roll back taxes
Spectrum: Partisan Bill (Republican 14-0)
Status: (Introduced - Dead) 2023-01-11 - Member(s) request name added as sponsor: Magnuson [H3524 Detail]
Download: South_Carolina-2023-H3524-Introduced.html
South Carolina General Assembly
125th Session, 2023-2024
Bill 3524
Indicates Matter Stricken
Indicates New Matter
(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)
A bill
to amend the South Carolina Code of Laws by amending Section 12-43-220, relating to rollback taxes, so as to REDUCE THE PENALTY FOR CHANGING THE USE OF AGRICULTURAL PROPERTY TO ONE DOLLAR if a church converted the property.
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 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 immediately preceding in which the real property was valued, assessed, and taxed as provided in this item. However, if the real property is applied to a use other than agricultural by a church who is exempt from property taxes, regardless of whether the real property extends beyond the building and premises actually occupied, then the rollback taxes owed shall equal one dollar for each applicable parcel. 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 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:
(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.
SECTION 2.This act takes effect upon approval by the Governor.
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This web page was last updated on December 15, 2022 at 03:07 PM
