...are bullshit. I can understand taxing a developer when he purchases an ag. tract of land to develop into a neighborhood, strip mall, etc.; but it seems like horseshit to tax a private land owner or family member who inherits farm land and wants to build a house. Why should the new owner have to pay the rollback taxes when they were not the one receiving the original tax breaks?
What are rollback taxes?
When a property is classified as agricultural use and receives an exemption on the property taxes due, these taxes are considered deferred. When a change in use of the property occurs, such as a new building on the property, then the
Assessor’s Office must go back, up to a period of five (5) years, and collect those deferred taxes. This is state law and can be found in section 12-43-220(4) in the SC Code of Laws.
How are rollback taxes calculated? Rollback taxes go back a maximum of 5 years from the year a change in property use has occurred. The taxes due reflect the difference between what was paid under agricultural use, and what the taxes would have been if the exemption was not applied.
But I didn’t own the land until now. Why should I have to pay these taxes?
Unfortunately, the taxes follow the land, and not the owner per State Law.
I would be interested in hearing opinions. Lets discuss.
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