South Carolina Code 3-7-150. Basis of payments of sums in lieu of taxes
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Terms Used In South Carolina Code 3-7-150
- Agreement: shall mean contract and shall include renewals and alterations of a contract;
(2) "Political subdivision" shall mean any agency or unit of this State, corporate or otherwise, which is authorized to levy taxes or empowered to cause taxes to be levied;
(3) "Services" shall mean such public and municipal functions as are performed for property in and persons residing within a political subdivision; and
(4) "Project" shall mean any reforestation project, resettlement project or rural rehabilitation project for resettlement purposes of the United States located within a political subdivision and shall include the persons inhabiting such project. See South Carolina Code 3-7-110 - Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
The amount of any payment of sums in lieu of taxes may be based on the estimated costs to each political subdivision, for and on whose behalf an agreement is entered into, of performing services for the benefit of a project during the period of an agreement, after taking into consideration the benefits to be derived by the political subdivision from such project, but shall not be in excess of the taxes which would result to the political subdivision for such period if the real property of the project within the political subdivision were taxable.