Section 12-37-251 - Calculation of rollback millage; equivalent millage(E) Rollback millage is calculated by dividing the prior year property taxes levied as adjusted by abatements and additions by the adjusted total assessed value applicable in the year the values derived from a countywide equalization and reassessment program are implemented. This amount of assessed value must be adjusted by deducting assessments added for property or improvements not previously taxed, for new construction, for renovation of existing structures, and assessments attributable to increases in value due to an assessable transfer of interest.(G) If the boundaries of a municipality extend into more than one county and those counties implement the countywide appraisal and equalization programs required pursuant to Section 12-43-217 on different schedules, then the governing body of the municipality shall set an equivalent millage to be used to compute municipal ad valorem property taxes. The equivalent millage to be set by the municipal governing body must be determined by methodology established by the respective county auditors which must be consistent with the methodology for calculating equivalent millage to be established by the Department of Revenue for use in these situations for the purpose of equalizing the municipal property tax on real property situated in different counties.Amended by 2011 S.C. Acts, Act No. 57 (HB 3713), s 3, effective for rollback millage calculated for property tax years beginning after 2010.2006 Act No. 388, Pt I, Section 4.C, eff 6/10/2006; 2006 Act No. 386, Section 55.D, eff 6/14/2006; 2004 Act No. 226, Section 1, eff 5/13/2004 and applies to property tax years beginning after 2003; 1999 Act No. 114, Section 3; 1999 Act No. 100, Part II, Section 51; 1998 Act No. 442, Section 4B; 1998 Act No. 419, Part II, Section 29C; 1997 Act No. 155, Part II, Section 15A; 1997 Act No. 106, Section 1; 1996 Act No. 458, Part II, Section 33B; 1996 Act No. 401, Section 1; 1995 Act No. 145, Part II, Section 119B. 2011 Act No. 57, Section 3.C, provides as follows:
"This section takes effect for rollback millage calculated for property tax years beginning after 2010."