South Carolina’s Alphabet Soup Part II: ATIs and FILOTs after South Carolina’s Tax Code Amendments

Our previous Client Alert discussed assessable transfers of interest or “ATIs” and Fee in Lieu of Tax “FILOT” Agreements in the aftermath of significant amendments to South Carolina’s Tax Code in 2022. As discussed previously, the sale of property located in South Carolina, or the sale of equity in an entity owning South Carolina property (among other types of transactions), typically triggers an ATI and allows the County in which the property is located to reassess the value of the property in the year following closing, which can result in a significant increase in real property taxes.Read the full alert.Read the alert from 2022.About the authorsAmy H. ClaytonJ. Whitney McGreevyL. Neill EdwardsTaylor Jones