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Originally Posted by mdo53
We have a developer interested in purchasing 4 tracts of land each 7.73 acres (30.92 acres) that I co-own that has an agricultural classification. It was just brought to my attention that once this land is sold and the classification is changed that the land falls under Title 12: 12-43-220, Paragraph (4) which makes the new owner responsible for roll-back taxes for each of the 5 years immediately preceding if the land is developed or used for anything other than its past use. The developer plans to develop as single family housing and is asking that we pay all roll-back taxes.
Anyone here have experience with these calculations? I have current tax bills with milage and assessed values.
THANKS!
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Congrats on getting your land sold. We sold a property to a developer last year in Mt Pleasant, I was pretty shocked at the price it fetched, over a million for 2.5 acres. Land in the Charleston area is getting gobbled up right now, it's a good time to sell land if youve been holding on to any.