South Carolina (Summary)
Tax Type: Current Use
Description: For property tax purposes land used to grow timber is classified as "agricultural use land" and is is taxed on the basis of its fair market value for agricultural purposes. Current assessment rate for agricultural use land (privately owned) is 4.0%
Law: Section 12-43-220 Code of Laws
Objective:
Forest Tax Program Requirements
Min/Max Acreage: 5 acres or more devoted actively to growing trees for commercial use
Min. Stocking Growth: N/A
Forest Management Plan: N/A
Evidence of Use: No additional annual filing is required while the use of the property remains bona fide agricultural and the ownership remains the same.
Duration of Enrollment: Indefinite until change in use or transferred to another party.
Penalties for Use Change: The property is subject to "rollback taxes" in an amount equal to the difference between the taxes paid on the basis of agricultural valuation and the taxes that would have been paid had the property been assessed as other real property in the year of the change and each of the five immediately preceding years.
Program Administration
State: N/A
County Tax Assessor and Commissioner: Determines use for classification.
University: N/A
Landowner: N/A
For a more in depth discussion of South Carolina property taxes click here!