Property tax values in South Carolina are generally determined every five years through county-wide reassessments. Since property tax values are determined every five years (and subject to a 15% cap on increases under reassessments), the fair market value of property is often higher than the property tax value. When property is sold, however, property is revalued for property tax purposes at its fair market value, beginning in the property tax year following the sale.
Example: John purchased an apartment building in 2013 for $8 million. The property was assigned a value of $8 ...
South Carolina manufacturers are required to file an annual property tax return. The PT-300 must be filed with the South Carolina Department of Revenue ("Department" or "DOR") by the last day of the fourth month following the close of a taxpayer's accounting year (no extension is available). For example, calendar year taxpayers must file Form PT-300 by April 30th.
The Form PT-300 reports all property owned as of the close of the taxpayer's accounting year. There are ten different schedules that may need to be filed with the PT-300. The schedules report property subject to regular ...
Property taxes are often the largest South Carolina tax paid by manufacturers. Property taxes are assessed annually on real and personal property owned by a manufacturer (excluding inventory and supplies) on December 31st of the preceding calendar year. Property taxes are due on January 15th of the year following the tax year.
A manufacturer's property tax liability is determined by multiplying the value of its property by an assessment ratio by a local millage rate. The default property tax regime may be altered when a manufacturer enters into a fee-in-lieu of tax arrangement ...