Bill > S0538

This bill modifies South Carolina tax law regarding agricultural property by making two key changes. First, it clarifies the definition of farm buildings and structures eligible for tax exemption, specifying that these buildings must be located on property that qualifies for the agricultural assessment ratio and meets certain legal requirements related to agricultural use. Second, the bill creates a new provision allowing taxpayers to apply for a refund of property taxes that were overpaid because their property was actually eligible for the agricultural assessment ratio. The agricultural assessment ratio is a special tax classification that provides lower property tax rates for land used for agricultural purposes. Specifically, the bill allows taxpayers to seek a refund if they can prove their property was genuinely used for agricultural purposes, even if they were initially taxed at a higher rate. The changes aim to provide more flexibility and fairness in how agricultural properties are assessed and taxed. The bill would take effect upon approval by the Governor.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=0538&session=126&summary=B