S.C. Code Ann. § 12-43-225 – Multiple lot discounts

(A) For subdivision lots in a conditional or final plat filed after 2000, and notwithstanding the provisions of Section 12-43-224 , a subdivision lot discount is allowed in the valuation of the platted lots only as provided in subsection (B) of this section, and this discounted value applies for five property tax years or until the lot is sold, or a certificate of occupancy is issued for the improvement on the lot, or the improvement is occupied, whichever of them elapses or occurs first. When the discount allowed by this section no longer applies, the lots must be individually valued as provided by law.
(B) To be eligible for a subdivision lot discount, the final or conditional plat filed must contain at least ten building lots. The owner must apply for the discount by means of a written application to the assessor on or before May first of the year for which the discount is claimed. The value of each platted building lot is calculated: (1) by dividing the total number of platted building lots into the value of the entire parcel as undeveloped real property; and (2) as provided in Section 12-43-224 and the difference between the two calculations determined. The value of a lot as determined under Section 12-43-224 is reduced as follows:
For lots in plats filed in 2001, the value is reduced by thirty percent of the difference. For lots in plats filed in 2002, the value is reduced by sixty percent. For lots in plats filed after 2002, the value is reduced by one hundred percent of the difference.
(C) If a lot allowed the discount provided by this section is sold to the holder of a residential homebuilder's license or general contractor's license, the discount continues through the first tax year which ends twelve months from the date of sale if the purchaser files a written application for the discount with the county assessor by March first of the year for which the applicant is claiming the discount.