2012 South Carolina Code of Laws
Title 12 - Taxation
Chapter 37 - ASSESSMENT OF PROPERTY TAXES
Section 12-37-620 - Certain leasehold estates taxed until end of term; lease or contract must be recorded and contain certain information; sale of property for taxes.

All leasehold estates hereafter established and held on a term of ninety-nine years or more or for a term certain renewable at the option of the lessee for an additional term of ninety-nine years or more shall be valued at the full value of the land and taxed to the lessee until the end of the term. Provided, however, that the lease or contract must be recorded with the clerk of court or register of mesne conveyance of the county where the property is located. The lease must contain the name and resident address of the lessee, the length of the lease and the real consideration therefor, and the derivation of title to the lessor and his resident address. Provided, further, if such property should be sold for taxes, only the leasehold interest can be sold and not the fee.

HISTORY: 1962 Code Section 65-1612; 1952 Code Section 65-1612; 1942 Code Section 2697; 1932 Code Section 2697; Civ. C. '22 Section 432; Civ. C. '12 Section 380; Civ. C. '02 Section 338; G. S. 220; R. S. 271; 1881 (17) 1006; 1971 (57) 999.