SC Commercial Real Property Tax Exemption - Horry County 2011 free printable template

HORRY COUNTY ASSESSOR S OFFICE 1301 SECOND AVENUE-SUITE 1CO8 CONWAY, S.C. 29526 PHONE (843) 915-5040 ? FAX (843) 915-6040 Commercial Real Property Tax Exemption South Carolina law now allows a partial

How to fill out SC Commercial Real Property Tax Exemption

How to fill out SC Commercial Real Property Tax Exemption

1. Gather necessary documents such as proof of ownership and property description.
2. Obtain the SC Commercial Real Property Tax Exemption application form from your local tax assessor's office or website.
3. Fill out the application form with accurate details including the property address, ownership information, and the type of exemption requested.
4. Attach all required supporting documents to the application form, including any financial statements if necessary.
5. Review the completed application for accuracy before submission.
6. Submit the application and supporting documents to the local tax assessor's office by the specified deadline.
7. Follow up with the local tax office to ensure the application has been received and inquire about the status.

Who needs SC Commercial Real Property Tax Exemption?

1. Businesses that own commercial property in South Carolina.
2. Property owners engaged in certain economic development activities.
3. Non-profit organizations that operate commercial properties for qualifying purposes.

People Also Ask about

What is South Carolina 25 property tax exemption?

South Carolina law now allows a partial exemption from taxation of up to 25% of an “ATI fair market value” that is the result of an Assessable Transfer of Interest. The exemption allowed results in a “taxable value” of either 75% of the “ATI fair market value” or the current fair market value, whichever is higher.

What is property tax exemption in South Carolina?

The Homestead Exemption is a complete exemption of taxes on the first $50,000 in Fair Market Value of your Legal Residence for homeowners over age 65, totally and permanently disabled, or legally blind.

How do I get property tax exemption in South Carolina?

Most property tax exemptions are found in South Carolina Code Section 12-37-220. For any real property exemptions taxation is a year in arrears, meaning to be exempt for the current year, you must be the owner of record and your effective date of disability must be on or before December 31 of the previous year.

What is commercial property tax in South Carolina?

Commercial real property is assessed at 6%. Personal use motor vehicles are assessed at 6%; motor vehicles that do not qualify as personal use motor vehicles (i.e., those that are used for business, are assessed at 10.5 %.)

What is the property tax exemption in Horry County SC?

Homestead Exemption The program exempts up to $50,000 of the value of the home. The homeowner must have been a legal resident of South Carolina for at least one year, on or before December 31 of the year prior to the exemption, and have been approved for the 4 percent primary residence assessment ratio.

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What is SC Commercial Real Property Tax Exemption?

The SC Commercial Real Property Tax Exemption is a tax incentive program in South Carolina that allows certain commercial properties to be exempt from property tax based on specific criteria, encouraging business growth and development.

Who is required to file SC Commercial Real Property Tax Exemption?

Entities or individuals who own commercial real property that qualifies for the exemption must file for the SC Commercial Real Property Tax Exemption.

How to fill out SC Commercial Real Property Tax Exemption?

To fill out the SC Commercial Real Property Tax Exemption, property owners need to complete the designated application form, which typically requires details about the property, ownership, and eligibility criteria.

What is the purpose of SC Commercial Real Property Tax Exemption?

The purpose of the SC Commercial Real Property Tax Exemption is to promote economic development by reducing the tax burden on qualifying commercial properties, thus encouraging investment and job creation.

What information must be reported on SC Commercial Real Property Tax Exemption?

Information required on the SC Commercial Real Property Tax Exemption includes property identification details, ownership information, the nature of the business, and specific criteria that justify the exemption.