![]() ![]() Code § 12-37-930 and varies from 6% to 20% based on the classification of a manufacturer. The depreciation allowance is set forth in S.C. The value of a manufacturer's personal property is determined by subtracting a depreciation allowance from the original cost of the property. Future blogs will address valuation, assessment ratios, millage rates, FILOTs, and assessment/appeal procedures in greater detail. This blog provides a general overview of the South Carolina property tax regime. A manufacturer has 90 days to protest a proposed assessment. SCDOR issues a proposed assessment using Form PT-310 once a return has been processed (generally in August for calendar year taxpayers). The due for the PT-300 is the last day of the fourth month following the close of a taxpayer's tax year (April 30 th for calendar year taxpayers). Manufacturers are required to file Form PT-300, Property Tax Return, annually with the Department of Revenue. The South Carolina Department of Revenue (SCDOR) is responsible for valuing property owned by manufacturers. The default property tax regime may be altered when a manufacturer enters into a fee-in-lieu of tax arrangement (FILOT). ![]() Property taxes are due on January 15 th of the year following the tax year.Ī manufacturer's property tax liability is determined by multiplying the value of its property by an assessment ratio by a local millage rate. Property taxes are assessed annually on real and personal property owned by a manufacturer (excluding inventory and supplies) on December 31 st of the preceding calendar year. Property taxes are often the largest South Carolina tax paid by manufacturers.
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