S.C. Code Regs. 117-1720.3 - Computation of Index of Taxpaying Ability for School District When Property is Under Appeal

Current through Register Vol. 46, No. 3, March 25, 2022

Section 59-20-20 of the South Carolina Code of Laws as amended, requires the Department of Revenue to compute the index of taxpaying ability for each school district in South Carolina. The final index is to be furnished to the Department of Education and the auditor of each county on or before February 1 of each year. Changes and corrections may be made to the index before February 1 but no change is allowed after that date.

When an assessment is under appeal and the appeal extends beyond the year in which the assessment is made, the department will not take into account the full value of the property. Instead, for real property, the department will only take into account eighty percent of the assessed value or any valuation greater than eighty percent agreed to in writing by the taxpayer; and for personal property, the department will only take into account the value asserted by the taxpayer in the appeal. Once the appeal is resolved, the department will adjust the index in the year the appeal is resolved by the amount of any difference between the assessments.

When an appeal of the assessed value of property assessed pursuant to Section 12-43-220(a) of the Code (the assessment ratio for manufacturing or utility property) extends for more than two years and the amount in dispute is more than thirty percent of the total of assessed value of property in the school district in which the property under appeal is located, the index of taxpaying ability for the school district must be calculated using the value asserted by the taxpayer in the appeal, even if it is less than eighty percent of the assessed value.

The department shall maintain the necessary records for property under appeal The Auditor shall notify the department of the value of property currently under appeal, the value of property that was under appeal where the appeal is now resolved and the value has been determined and of any additional assessment. The Auditor shall furnish this information to the department on or before October 1 of each year.

Notes

S.C. Code Regs. 117-1720.3
Added by State Register Volume 28, Issue No. 6, eff June 25, 2004. Amended by State Register Volume 32, Issue No. 2, eff February 22, 2008.

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