S.C. Code Regs. 117-1740.4 - Form to Provide Department of Revenue with Information for Ratio Studies (117-116)

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

Under the authority provided for in Section 12-4-550(1) of the South Carolina Code of Laws, all counties shall furnish to the Department of Revenue the information provided for on forms furnished by the department except for transfers which involve a true consideration of less than $100 and sales of properties that the sale price does not include the same land area and improvements as shown on the assessment roll or appraisal record. This information shall be forwarded to the department within forty-five days after the deed has been recorded commencing with all deeds recorded after December 31, 1975.

The information furnished shall be on forms provided by the department or in an electronic form such as a computer tape that is approved by the department. The county assessor shall furnish the information for all real property transfers except transfers which are by death or time share properties. The information shall be furnished to the department on a monthly basis by the last day of the following month. However, if the information is furnished to the department in electronic form such as a computer tape that is approved by the department, it shall be furnished to the department for each calendar year on or before the following January 31st next succeeding. If the county wishes to furnish this information more frequently, they may do so. The following information shall be furnished by the Assessor to the department when available.

1. County
2. Deed book and page
3. Seller, Mailing Address and Social Security or Federal Identification Number
4. Purchaser and mailing address
5. Date of sale
6. Tax district and school district
7. Total consideration-sale price
8. Number of acres
9. Number of lots
10. Improved or unimproved
11. Tax map number
12. Major legal classification at time of transfer (residential, agricultural, all other, department jurisdiction, manufacturing or utility, government or exempt)
13. Appraised value (market value) -land, improvements, total-condominiums and property with common areas, only the total is required.
14. Appraised use value (if applicable)
15. Appraisal district (optional)
16. Sub-classification (optional)
17. If it split off another parcel
18. Indicate if new owner might qualify to be exempt
19. Indicate if the sale is a true sale (market value). If no, why?

The Assessor will indicate one of the following reasons:

a. What sold does not match the appraisal record
b. Family Sale
c. Gift
d. Personal or other property included
e. Mortgage assumption cannot be determined
f. Foreclosure sale
g. Partial interest
h. Contract sale or bond for sale (if old)
i. Other (with explanation)

Notes

S.C. Code Regs. 117-1740.4
Added by State Register Volume 28, Issue No. 6, eff June 25, 2004.

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