South Carolina Code 12-44-150. Projects to be taxable property at level of negotiated payments for purposes of bonded indebtedness and for computing index of taxpaying ability
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In South Carolina Code 12-44-150
- Fee: means the amount paid in lieu of ad valorem property tax as provided in the fee agreement. See South Carolina Code 12-44-30
- Industrial development park: means an industrial or business park developed by two or more counties as defined in § 4-1-170. See South Carolina Code 12-44-30
- Project: means land, buildings, and other improvements on the land, including water, sewage treatment and disposal facilities, air pollution control facilities, and all other machinery, apparatus, equipment, office facilities, and furnishings which are considered necessary, suitable, or useful by a sponsor. See South Carolina Code 12-44-30
Projects to which a fee agreement applies pursuant to this section are considered taxable property at the level of the negotiated payments for purposes of bonded indebtedness pursuant to Sections 14 and 15, Article X of the Constitution of this State, and for purposes of computing the index of taxpaying ability pursuant to § 59-20-20(3). However, for a project located in an industrial development park as defined in § 4-1-170, projects are considered taxable property in the manner provided in § 4-1-170 for purposes of bonded indebtedness pursuant to Sections 14 and 15, Article X of the Constitution of this State, and for purposes of computing the index of taxpaying ability pursuant to § 59-20-20(3). However, the computation of bonded indebtedness limitation is subject to the requirements of § 4-29-68(E).