S.C. Code Ann. § 12-43-222 — Roll-back tax for open space

(A) Notwithstanding the provisions of Section 12-43-220(d)(4), the property tax value, as defined in Section 12-37-3135, of that portion of a parcel of real property changed from agricultural use for purposes of residential or commercial development that is designated on the recorded development plat of the parcel as "green space for conservation" or "open space" if it equals ten percent or more of the area included within the outermost boundaries of the residential or commercial development must be valued according to its new "green space for conservation" or "open space" use for all purposes in calculating roll-back tax due on the parcel. As used in this section only, and without regard to any other definitions for those terms in state law or regulations, "green space for conservation" and "open space" have the meaning provided for those terms by the United States Environmental Protection Agency. The county assessor shall value the designated "green space for conservation" or "open space" in the manner that other property dedicated to that use is valued and that value must be used in the calculation of roll-back tax on the parcel pursuant to Section 12-43-220(d)(4). Appeals from the valuation of the "green space for conservation" or "open space" may be taken in the manner provided by law for appeals of value of real property appraised by county assessors.
(B) If the platted "green space for conservation" or "open space" is converted to another use in five property tax years or less since the provisions of this section were applied to the property, then the owner of property at the time of its conversion is liable for the roll-back taxes as if this section was not effective. For purposes of this subsection, if the transfer of property causes the change in use, then the transferor is deemed to be the owner of the property at the time of the conversion, and the taxes must be paid at the time of the closing.
(C) This section only applies when the local jurisdiction requires the designation of "green space for conservation" or "open space" as a condition to develop residential or commercial property.