Bill > H3367

This bill amends South Carolina tax law regarding "rollback taxes" for agricultural properties that change their land use. Currently, when agricultural land is converted to a non-agricultural purpose, property owners must pay additional taxes for the current year and the three previous years to make up for the lower agricultural tax rate. The proposed change would reduce this period from three years to only the previous tax year. "Rollback taxes" are a mechanism designed to recapture tax revenue when land receives a special lower assessment rate for agricultural use and then is converted to a different purpose. Under the proposed legislation, if a farmer sells their farmland for development, they would now only owe the tax difference for the immediately preceding tax year, instead of the previous three years, potentially reducing the financial burden on landowners who change their property's use. The bill would take effect upon approval by the Governor of South Carolina.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=3367&session=126&summary=B