Assessable Transfer of Interest (ATI)

Section 12-37-3140 of the South Carolina Code of Laws

Some properties have been reappraised pursuant to Section 12-37-3140 of the South Carolina Code of Laws.

Section 12-37-3140 states, For property tax years beginning after 2006 the fair market value of real property is its fair market value applicable for December thirty-first of the year in which an assessable transfer of interest (ATI) has occurred.

An assessable transfer of interest (ATI) means a transfer of an existing interest in real property that subjects the real property to appraisal. For purposes of this definition, an existing interest in real property includes life estate interests.

For further information regarding when a transfer of interest is considered an assessable transfer of interest (ATI), go to South Carolina State House Title 12, Chapter 37.