Property taxes are the oldest taxes levied in the United States and the only major tax imposed by all 50 states. Property taxes are the primary source of revenue for local government entities in South Carolina. In South Carolina per capita property tax collections are almost twice as high as income taxes.
The amount of property taxes you pay is determined by the classification of your property, the tax rate set by your local government entity, and the value of your property. The classification schedules are set by law, and range from 4% for owner-occupied residential real estate to 10.5 ...
Rehabilitating or renovating an existing building can often be more expensive than greenfield construction. South Carolina provides several tax credits to encourage the use of abandoned buildings. The tax credits are available for the renovation or rehabilitation of qualifying buildings which have been abandoned. Recently issued guidance by the South Carolina Department of Revenue provides guidance on:
- Abandoned Building Income Tax Credit (SC Rev. Rul. #15-7)
- Statutes: Title 12, Chapter 67
- Form to Claim: TC-55
- Repeal Date: December 31, 2019
- Textile Mill Income Tax Credit (SC ...