- Posts by Lindsay C. Hartman
PartnerLindsay assists planned community associations with drafting, interpreting and enforcing restrictive covenants, bylaws, and other governing documents. She also has experience negotiating and drafting commercial lease ...
South Carolina rollback tax laws changed in 2021, with potentially significant implications for real estate transactions where rollback taxes may come into play.
What are rollback taxes?
South Carolina Code Section 12-43-220 requires that any time a property changes from receiving the benefit of an agricultural use special assessment ratio property tax exemption to any other use, rollback taxes are to be assessed and billed to the property. The amount of the rollback taxes is equal to the sum of the differences, if any, between the taxes paid or payable on the basis of the fair market ...