|
|
- Info
South Carolina's property tax agricultural use values- an update
| Author: |
Shaw, B.S., Jr. |
| Date: |
1988 |
| Periodical: |
In: Forest Taxation: Adapting in an Era of Change; 1988 May 20-22; Atlanta, GA. Madison, WI: Forest Products Research Society. |
| Abstract: |
A 1979 South Carolina Current Use Value system of assessing farm and forest land for property taxes was threatened when a 1986 reassessment yielded negative values for three of five cropland productivity classes. The cropland valuation process was based on projected yields, projected crop prices, and estimated costs of production. The same reassessment for timberland, based on capitalized net income potential, created a slightly higher value than for previous years. A proposed solution preserves the use value concept by employing the statutory capitalization methods for the base year of 1981 with subsequent adjustments made using USDA farm real estate value surveys published annually. The 1986 Amendment and procedure changes also include revisions in the method used in recognizing limitations of swamp land or wetland sites due to flooding. |
|
