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ad valorem tax

An ad valorem tax is a tax that is calculated as a percentage of the value of something—such as tangible (physical) personal property (goods in a warehouse, office furniture, computer and telephone systems, inventory, etc.).

For example, county tax assessors often place a value on a business's tangible personal property and assess an ad valorem tax on the property.

In South Carolina, ad valorem taxes are levied on tangible personal property used in a business. The county tax assessors are responsible for appraising the value of such property annually. The assessed value is typically a percentage of the fair market value, and the tax rate is determined by the local governing bodies. Businesses are required to file a property tax return with the county assessor to report the value of their tangible personal property. The tax revenue collected is used to fund local services such as schools, public safety, and infrastructure. It's important for businesses to accurately report their property to avoid penalties and ensure they are taxed correctly. Exemptions and deductions may be available for certain types of property or for businesses meeting specific criteria.

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Demystifying Ad Valorem Tax: What You Need to Know

In the confusing world of taxation, one term often whispered with both curiosity and confusion is "ad valorem tax." It's not your everyday tax, and understanding it is essential in today's financial landscape.

Taxes

ad valorem tax

Individual & Family Legal Plan

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South-Carolina State Code

South-Carolina State Code

Taxes

ad valorem tax

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