Except as otherwise provided, the ratio of assessment to value of property in each class shall be equal and uniform throughout the State. All property presently subject to ad valorem taxation shall be classified and assessed as follows:
"Under penalty of perjury I certify that:
If the owner or the owner's agent has made a proper certificate as required pursuant to this subitem and the owner is otherwise eligible, the owner is deemed to have met the burden of proof and is allowed the four percent assessment ratio allowed by this item, if the residence that is the subject of the application is not rented for more than seventy-two days in a calendar year. For purposes of determining eligibility, rental income, and residency, the assessor annually may require a copy of applicable portions of the owner's federal and state tax returns, as well as the Schedule E from the applicant's federal return for the applicable tax year.
If the assessor determines the owner-occupant ineligible, the six percent property tax assessment ratio applies and the owner-occupant may appeal the classification as provided in Chapter 60 of this title.
For purposes of this subsection, a contract for sale or a bond for title is the sale of real property by a seller, who finances the sale and retains title to the property solely as security for the debt.
The exception contained in this subsubitem (iii) does not apply if the applicant does not otherwise qualify for the four percent assessment ratio, including the requirement that the applicant, nor any member of the applicant's household, claims the four percent assessment ratio on another residence.
For purposes of this subitem (8), "immediate family member" means a parent, child, or sibling.
Each of these components of the capitalization rate must be based on identifiable factors related to agricultural use of the property. The interest rate component is the average coupon (interest) rate applicable on all bonds which the Federal Land Bank of Columbia, which serves South Carolina farmers, has outstanding on July first of the crop-years being used to estimate net earnings and agricultural use-value. Implementation of the provisions contained in this section is the responsibility of the department.
The department shall apply an equalization factor to real and personal property owned by or leased to transportation companies for hire as mandated by federal legislation.
Notwithstanding any other provision of this article, on June 3, 1975, if it is found that there is a variation between the ratios being used and those stated in this section, the county may provide for a gradual transition to the ratios as herein provided for over a period not to exceed seven years; provided, however, that all property within a particular classification shall be assessed at the same ratio, provided, further, however, that all property enumerated in subsection (a) shall be assessed at the ratio provided in such subsection and the property enumerated in subsections (b), (c), (d), (e), (f), and (g) shall be increased or decreased to the ratios set forth in this article by a change in the ratio of not less than one-half of one percent per year nor more than one percent per year. Provided, however, that notwithstanding the provisions of this section, a county may, at its discretion, immediately implement the assessment ratios contained in subsections (b), (c), (d), (e), and (f). Provided, however, that livestock shall not be subject to ad valorem taxation unless such livestock is physically located within the State for a period in excess of nine months. Provided, that this section shall not apply to farm animals and farm equipment in use on a farm in those counties which do not tax such property as of June 3, 1975.
Provided, however, all agricultural or forest land within easements granted to public bodies, agencies, railroads, or utilities for rights of way of thirty feet in width or greater shall be assessed at the same cropland value per acre as soil class 7 in schedule 1 of R 117-126 of the State Department of Revenue. In order to receive such assessment the landowner must apply to the tax assessor of the county where the easement is located, with documentation of the existence, location, and amount of acreage contained in the easement.
As used in this section, fair market value with reference to real property means fair market value determined in the manner provided pursuant to Article X of the Constitution of this State, Section 12-37-930 and Article 25, Chapter 37 of this title.
S.C. Code § 12-43-220
2000 Act No. 399, Section 2.B., provides as follows:
"The change in this section to the definition of 'commercial fishing boats' applies for property tax years beginning after 1999. The change in this section adding 'commercial tugboats and pilot boats' to the five percent assessment ratio and the definition of 'commercial tugboats and pilot boats' is effective for tax years commencing January 1, 1999, and after."
2002 Act No. 336, Section 4, provides as follows:
"This act takes effect January 1, 2003, and applies to the covered residential transactions entered into on or after that date."
2008 Act No. 313, Section 2.J.2, provides as follows:
"This subsection takes effect upon approval of this act by the Governor and applies in each county in the year after the next countywide reassessment is implemented. The owners of existing warehouses affected by Section 12-43-220(a)(4), as amended by this section, who are paying a 10.5 percent assessment ratio in 2008 shall notify the county in writing by July 1, 2009, for the ratio to be reduced. Warehouses must continue to be assessed at 10.5 percent of fair market value until this written notification is given."
2012 Act No. 179, Section 5, provides as follows:
"This act takes effect upon approval by the Governor and applies to property tax years beginning after 2011."
2014 Act No. 133, Section 2, provides as follows:
"SECTION 2. This act takes effect upon approval by the Governor and applies for property tax years beginning after 2013."
2014 Act No. 259, Section 1.C, provides as follows:
"C. This SECTION takes effect upon approval by the Governor and applies to property tax years beginning after property tax year 2013."
2014 Act No. 259, Section 5.B, provides as follows:
"B. This SECTION takes effect upon approval by the Governor and applies to property tax years beginning after 2011. If the property tax assessor determines that a person denied the four percent special assessment ratio in property tax year 2012 or 2013 now qualifies pursuant to the provisions of this SECTION, the person must be refunded any property taxes paid in excess of the amount owed."
2016 Act No. 206, Sections 1.B, 2, provide as follows:
"B. Notwithstanding any other provision of law, if a taxpayer qualified for the special assessment ratio for tax year 2014 or 2015 pursuant to Section 12-43-220(c)(2)(v)(B) or (C), except that the taxpayer applied after the May fifteenth deadline, then the taxpayer must be refunded the appropriate amount so long as the taxpayer makes application for either or both years by January 15, 2017.
"SECTION 2. This act takes effect upon approval by the Governor and applies for property tax years beginning after 2013."
2016 Act No. 251, Sections 3, 7, provide as follows:
"SECTION 3. The provisions of SECTIONS 1 and 2 [amending (d)(4) of this section] of this act apply for eligible real property changed from agricultural use valuation after 2015."
"SECTION 7. Section 12-43-220(c)(2)(vii) of the 1976 Code, as amended by this act, applies prospectively and also retroactively to all property tax years open for the assessment of delinquent property taxes and penalties, including penalties assessed pursuant to Section 12-43-220(c)(2)(vii) of the 1976 Code, as of that date. No interest is due on any refunds issued pursuant to the retroactive provisions of this section."
2020 Act No. 173, Section 2, provides as follows:
"SECTION 2. This act takes effect January 1, 2021, and applies for agricultural real property changed to another use after 2020."