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The County Assessor is charged by South Carolina Law (Act 208 of 1975
as amended) with classifying real properly for assessment purposes. All
property appraised by the Richland County Assessor has been classified
into 4 categories depending on whether application has been made for either
legal residence and/or agricultural use value.
Each and
every lot or tract of real property appraised by the Richland County Assessor's
Office is assigned one or more of these 4 classification codes. The definition
of each assigned class is:
Class
- Owner Occupied Residential Property
Assessment Ratio - .04
Meaning: That portion of real estate used as the owner's
legal residence to include up to 5 acres of land. An initial application
to receive this rate must be made by the property owner.
Class
- Other Property
Assessment Ratio - .06
Meaning: All other real property appraised by the Richland
County Assessor's Office not classified at either the owner occupied residential
class or the "use value-agricultural" class. This includes idle
or vacant land, residential property either non-owner occupied or rental,
and all commercial property appraised by the Richland County Assessor's
Office.
Class
- Market Value - Agricultural Property
Assessment Ratio - .06
Meaning: The market value of land being used for agricultural
purposes. Taxes on this value are not paid until the use of the property
changes from an agricultural use. The assessed value from this class,
less the assessed value from the "use value-agricultural" class
below, generates the roll back assessment. This rollback assessment will
have millage applied against it to produce the rollback taxes for the
year the use changes and up to 5 previous years the property received
the use value.
Class
- Use Value - Agricultural Property
Assessment Ration - .04/.06
Meaning: The agricultural value of land being used for
agricultural purposes. The land in this class is the same property as
in the "market value-agricultural" class above. An initial application
to receive this use value classification must be made by the property
owner. As long as the property continues to be used for agricultural purposes,
taxes will be based on this value. The 4% ratio applies to privately owned
property and the 6% ration applies to corporate owned property not qualifying
for the 4% ratio.
For information
on the legal residence and agricultural
use value classes.
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