Updated about 5 years ago on . Most recent reply
Land developing: rollback taxes?
Short and sweet question: why is the SELLER responsible to pay rollback taxes? How do they know if the land will be rezoned?
Most Popular Reply
Greg Dickerson
#2 Land & New Construction Contributor
#2 Land & New Construction Contributor
- Developer
- Charlottesville, VA
- 4,410
- Votes |
- 4,756
- Posts
Greg Dickerson#2 Land & New Construction Contributor
#2 Land & New Construction Contributor
- Developer
- Charlottesville, VA
It's negotiable. Buyer or seller may pay all or part of the tax if the property is rezoned. Generally you do not want to close until you get the rezoning and all of the entitlements, approvals and permits. If you want to close prior to getting approvals you need to estimate the taxes and factor that into the purchase price.