SC S0538

Farm buildings and structures qualifying for tax exemption must be located on property that receives the agricultural assessment ratio under Sections 12-43-220(d), 12-43-230, and 12-43-232

Maintains existing exemption for farm buildings, agricultural structures, farm machinery, and equipment used to house livestock, poultry, crops, farm equipment, or supplies

Creates a new provision allowing taxpayers to apply for refunds of property taxes overpaid when their property was eligible for but not receiving the agricultural assessment ratio

Refund applications must be made in accordance with Section 12-60-2560 and require the taxpayer to prove the property was used for agricultural purposes

Takes effect upon Governor's approval