S.C. Code Ann. 12-43-220(c)(vi) states “No further applications are necessary from the current owner while the property for which the initial application was made continues to meet the eligibility requirements. If a change in ownership or use occurs, the owner who had qualified for the special assessment ratio allowed by this section shall notify the Assessor of the change in classification within six months of the change. Another application is required by the new owner to qualify the residence for future years for the four percent assessment ratio allowed by this section.

S.C. Code Ann. 12-43-220(c)(vii) further states “If a person signs the certification, obtains the four percent assessment ratio, and is thereafter found not eligible, or thereafter loses eligibility and fails to notify the assessor within six months, a penalty is imposed equal to one hundred percent of the tax paid, plus interest on that amount at the rate of one-half percent a month, but in no case less than thirty dollars nor more than the current year’s taxes. This penalty and any interest are considered ad valorem taxes due on the property for purposes of collection and enforcement.”

S.C Code Ann. 12-43-220(c)(2) states in part…” If the Assessor determines the owner-occupant ineligible, the six percent property tax assessment ratio applies, and the owner-occupant may appeal the classification as provided in Chapter 60 of this title.”

S.C. Code Ann. 12-43-220(e) states in part…” All other real property not herein provided for shall be taxed on an assessment equal to six percent of the fair market value of such property.”