Text: "Must Section 1, Article X of the Constitution of this State relating to the classification of property and applicable assessment ratios for purposes of property tax be amended so as to delete the specific limit of ten shareholders as the most shareholders a corporation may have for it to be eligible for a four percent assessment ratio on its agricultural real property and provide that the General Assembly shall provide by law the maximum number of shareholders a corporation may have to be eligible for the four percent assessment ratio?"
Explanation: The state constitution currently allows a four-percent property tax assessment ratio for agricultural land owned by a corporation with ten or fewer shareholders. A 'yes' vote will allow the General Assembly to set a shareholder limit by law. A 'no' vote will keep the current limit of ten or fewer shareholders.
Source for Popular Vote data: South Carolina Election Commission. South Carolina Election Returns November 2, 2004 South Carolina State Wide General Election Official Results Amendment #1, South Carolina Election Commission (http://www.state.sc.us/cgi-bin/scsec/r1) (accessed 03 Jan 2006)