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 ...
South Carolina assesses a recording fee on deeds to real property. The South Carolina deed recording fee is imposed for "the privilege of recording a deed," and is based on the transfer of real property from one person or business entity to another. The fee is generally imposed on the grantor of the real property, although the grantee may be secondarily liable for the fee. There are specific instances where the grantee, and not the grantor, is directly accountable.
This fee is composed of two fees - a state fee of $1.30 for every $500, or fractional part of $500, of the real property's value ...