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MyDORWAY is the fastest, easiest way to apply for Property Tax Exemptions. If you apply for a Property Tax Exemption on MyDORWAY, you do not need to submit a paper copy of the PT-401-I. Visit MyDORWAY.dor.sc.gov to get started.
When similar properties in the same taxing district are taxed differently because conditions have changed over a long period of time, the system becomes unequal. South Carolina law requires counties to reassess every five years. Only real property is reassessed every five years.
Assessed value cannot increase more than 15 percent over a five-year period unless the property is sold. When a property is sold, it is reassessed, and the assessment is based on the sales price.
The South Carolina Code of Laws requires that once every five years, all real property in every county within the State will be reappraised and adjusted to a current fair market value as of December 31st of the year before implementing the reassessment. Only real property is appraised during a reassessment.
65 years of age, or. declared totally and permanently disabled by a state or federal agency having the authority to make such a declaration, or. legally blind as certified by a licensed ophthalmologist.
For manufacturers, real and personal property are both assessed at 10.5%. The assessment ratio for all other businesses is 6% for real property and 10.5% for personal property. (For homeowners, primary residences are assessed at 4%.)
Using Special LLCs to Avoid Property Tax Reassessment Each situation is different, however, in general, we use a series of LLCs to systematically transfer the property to your children (or other beneficiaries) over a period of time. Each transaction avoids these detailed reassessment rules.
Completion of new construction or a change in ownership (?CIO?) triggers a reassessment to a new Base Year Value equal to the current fair market value, meaning higher property taxes.