The assessor may require the new owner i to give written authorization consistent with privacy laws allowing the assessor to verify farm income from the Department of Revenue or the Internal Revenue Service and ii to provide the Agriculture Stabilization and Conservation Service ASCS farm identification number of the tract and allow verification with the ASCS office. If the new owner fails to meet the income requirements in the five-year period, the tract is not considered agricultural real property and is subject to the rollback tax.
The property must continue to be classified as agricultural real property until the property is applied to some other use or until the property is transferred to other than an immediate family member, whichever occurs first. For purposes of this subitem, "immediate family" is a person related to the current owner within the third degree of consanguinity or affinity and a trust all of whose noncontingent beneficiaries are related to the grantor of the trust within the third degree of consanguinity or affinity. There must be deducted from the recalculated tax liability any taxes paid for the year and the penalties provided pursuant to Section must be added to the balance due.
Interest at the rate of one percent a month must be added to the unpaid taxes calculated from the last penalty date. Additional property tax revenues derived from the operation of this section changing agricultural use property to some other use must be used only for the purpose of rolling back property tax millage.
SC Department of Revenue
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Supreme Court of South Carolina.
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