The bill H. 3367 proposes an amendment to Section 12-43-220 of the South Carolina Code of Laws, specifically regarding rollback taxes applied to real property that changes from agricultural use to another use. The key change in the bill is that rollback taxes will now only apply to the current tax year, rather than the previous three tax years. This adjustment aims to simplify the tax implications for property owners who transition their land from agricultural use.

In the amended language, the bill clarifies that when real property previously valued and taxed under agricultural provisions is repurposed, the additional rollback taxes will be calculated based solely on the current tax year, rather than extending back to the last three years. This change is intended to reduce the financial burden on property owners who change the use of their land. The bill will take effect upon approval by the Governor.

Statutes affected:
12/05/2024: 12-43-220
Latest Version: 12-43-220