Redemption Period Extended for Another Year for 2019 Tax Sales

Specifically, the relevant portion of this bill provides:

Notwithstanding any other provision of law, if real property was sold at a delinquent tax sale in 2019 and the twelve month redemption period has not expired as of the effective date of this section, then the redemption period for the real property is extended for twelve additional months. If the property is redeemed during the twelve month extension, additional interest shall accrue in the same manner and rate as interest accrues in the original redemption period, as set forth in Section 12-51-90(B). The provisions of Chapter 51, Title 12 of the 1976 Code, must be administered to account for the additional twelve months, mutatis mutandis including, but not limited to, the extension of affected deadlines.

This bill could affect tax sale buyers who purchased property almost a year ago. At the time of the 2019 tax sales, buyers most likely did not consider the additional costs and expenses of an additional 12-month period when placing bids and are expecting to receive tax deeds after the redemption period expired.  The bill is silent as to whether the interest cap of S.C. Code § 12-51-90(B) applies or how the 2020 taxes will be paid.