The Attorney General issued an opinion regarding fair market value and calculating ad valorem tax on real property, stating that valuation is dictated by S.C. Code Ann. § 12-37-930, which allows several methods for valuing real property, and choosing the correct one will depend on property circumstances. S.C. Code Ann. § 12-37-3140 does not affect the valuation methods under S.C. Code Ann. § 12-37-930, and neither of these two statutes require using the fair market value method. §12-37-3140 dictates a method for calculating the 15% cap on increases to real property value that are related to a countywide appraisal and equalization program (the fourth year of the reassessment cycle). The value of improvements by December 31 of the fourth year must be included in the calculation of the cap; however, the Attorney General decided that the value of any improvements after December 31 would be excluded from the calculation of the cap. (Attorney General Opinion, 05/25/2012)
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