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 legislation 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.

The bill outlines that when real property previously valued and taxed under agricultural provisions is repurposed, it will incur additional taxes based solely on the current year's valuation, rather than being assessed over the last three years. This change is intended to provide a more straightforward tax assessment process for property owners and reduce the financial burden associated with transitioning land use. The act will take effect upon approval by the Governor.

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