The South Carolina Department of Revenue provides help to the local governmental bodies in the collection and distribution of South Carolina property tax.
South Carolina property tax could be collected from real and personal properties.
Over the years the
property taxes of South Carolina have played a crucial role in improving the social scenario. As much as two-third of the property taxes collected in South Carolina are used in improving the public education scenario in the state.
The municipalities in South Carolina are entitled to impose taxes on the properties that are present within the boundaries of the same. The taxes are normally collected by these authorities for the services that they provide to the taxpayers.
The property taxes in South Carolina are paid by individuals, partnerships and corporations that possess properties in the state. In South Carolina the various classes of property are evaluated at ratios that have been specifically assigned to them.
The assessment ratios of these properties are used in conjunction with their market value in order to decide on their assessed worth. The property tax that needs to be paid in each administrative zone is subsequently computed by using the specific millage rates to the assessed worth of properties.
The following table represents the taxable properties in South Carolina and their rates of taxation:
Categories
|
Rate of Taxation
|
| Personal property |
10.5% of income tax depreciated value |
| Manufacturing property |
10.5% of fair market value |
| Agricultural property,privately owned |
4.0% of use value |
| Utility property |
10.5% of fair market value |
| Agricultural property, corporate owned |
6.0% of use value |
| Railroads, private car lines, airlines and pipelines |
9.5% of fair market value |
| Other real estate |
6.0% of fair market value |
| Primary residences |
4.0% of fair market value |
The Department of Revenue in South Carolina governs the taxation process of the following categories of property:
- Business personal property
- Manufacturing utility
- Car lines
- Railroads