When owner-occupied residential property assessed pursuant to Section 12-43-220(c) is valued for purposes of ad valorem taxation, the value of the land must be determined on the basis that its highest and best use is for residential purposes. When a property owner or an agent for a property owner appeals the value of a property assessment, the assessor shall consider the appeal and make any adjustments, if warranted, based on the market values of real property as they existed in the year that the equalization and reassessment program was conducted and on which the assessment is based.
S.C. Code Ann. § 12-43-215
Owner-occupied residential real property; highest and best use; appeals of assessment value
Applied in 1 court decision — leading case Charleston County Assessor v. LMP Properties, Inc. (2013)
Most recently applied in Charleston County Assessor v. LMP Properties, Inc. (February 2013)
1994 Act No. 406, SECTION 4; 2005 Act No. 138, SECTION 3, eff June 7, 2005, applicable to tax periods beginning after 2004.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.