• Posts by Sarah F. Robertson
    Sarah Robertson
    Partner

    Sarah is Co-Chair of Burr & Forman's Real Estate Practice Group and a member of the Corporate and Tax Practice Groups. With the firm or its predecessors since 1999, she handles both residential and commercial real estate closings in ...

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 ...

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