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personal property tax

Many states assess a personal property tax on certain items of personal property such as motor vehicles, boats, and aircraft. Business personal property taxes—taxes on tangible personal property items that are used to produce income—are often referred to as ad valorem taxes.

In South Carolina, personal property tax is assessed on items such as motor vehicles, boats, and aircraft. These taxes are based on the value of the property, hence the term 'ad valorem' taxes, which means 'according to value.' The tax is administered at the county level, and the amount of tax is determined by the assessed value of the property and the millage rate set by various taxing authorities within the county. For vehicles, the tax is assessed annually and must be paid before the vehicle can be registered. Business personal property, which includes any property owned by a business except real estate, is also subject to ad valorem tax. Businesses must file a personal property tax return annually with the county in which the property is located, listing all tangible personal property used in the business. The South Carolina Department of Revenue provides guidelines for the assessment and taxation of personal property, but the actual administration of the tax is handled by the local county tax assessor's office.

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Taxes

personal property tax

Individual & Family Legal Plan

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South-Carolina State Code

South-Carolina State Code

Taxes

personal property tax

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