In South Carolina, there is no state tax on real or personal property, plus, there is no tax, state or local, on inventories or intangibles.
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0 Exempt Classes
In support of business, South Carolina exempts three classes of property from local property taxation:
- All inventories (raw materials, work-in-progress, and finished goods)
- All intangible property
- All pollution control equipment
Pursuant to new legislation, 14.2857% of the property tax value of manufacturing property assessed for property tax purposes will be exempt from property taxation; provided, however, that the total amount of the exemption for all entities in the State for that fiscal year will not exceed $85 million. For any year in which the amount is projected to exceed $85 million, the exemption amount shall be proportionally reduced.
Please note, this new exemption is being phased in equal installments over six years beginning in 2018. In addition, this exemption does not apply to property under a Fee-in-Lieu agreement.
Property Tax Incentives
5-Year Property Tax Abatement
Up to 35%
Offset of the total millage
Manufacturers investing $50,000 or more and distribution or corporate headquarters facilities investing $50,000 or more and creating 75 new jobs in Year 1, are entitled to a five-year property tax abatement from county operating taxes. This abatement usually represents an offset of up to 20% to 35% of the total millage, depending on the county.
