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IV. Personal Property Tax
1. What is personal property?
2. When are personal property taxes due?
3. How is the value of personal watercraft/aircraft determined?
4. I sold the personal property you have billed me for. What do I do with this bill?
5. Can I appeal the value on my boat or airplane?
6. If I own a business or residential rental property, how are taxes determined on associated personal property?
7. When are business related personal-property tax returns due?
8. What happens if I don't file my business related personal-property tax return on time?
9. Are all boats & motors taxable?
10. Are boat trailers taxable?
1. What is personal property?
- In South Carolina, personal property encompasses motor vehicles, recreational vehicles, aircraft and watercraft (including boats, motors, and personal recreational vehicles like wave runners and jet skis, etc.).
- Personal property tax also applies to equipment, furniture, fixtures and machinery primarily used by businesses.
2. When are personal property taxes due?
- With the exception of motor vehicles, personal property taxes must be paid by January 15 of the following year, unless that day falls on a county holiday or weekend.
- Personal property taxes on motor vehicles and recreational vehicles are due throughout the year on a staggered monthly schedule and must be paid before your license plates can be renewed.
3. How is the value of personal watercraft/aircraft determined?
- Values of personal property are kept current through annual updates by the S.C. Department of Revenue and the S.C. Department of Natural Resources.
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4. I sold the personal property you have billed me for. What do I do with this bill?
- If you owned the property on December 31, preceding the current tax year, you are responsible for the taxes for that entire year.
- For example, if you owned a boat on December 31, 2005, you are responsible for paying the taxes by January 15, 2007. Personal property is taxed in arrears (except for motor vehicles).
- If you purchase personal property on or after January 1, you will not have to pay county taxes on it until January of the following year.
- This information does not apply to motor vehicles
5. Can I appeal the value on my boat or airplane?
- Yes, you have until the taxes are due to appeal in writing to the Auditor's office.
- The appeal of the value of the boat or airplane does not extend the due date of the taxes.
- A tax specialist will then contact you to discuss your personal property appeal.
6. If I own a business or residential rental property, how are taxes determined on associated personal property?
- Owners of businesses using equipment, furniture, fixtures or machinery are required to file an annual personal property tax return with the Lexington County Auditor.
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7. When are business-related personal property tax returns due?
- Returns must be filed by April 30 of each year.
- Currently, there are no provisions in the law to allow for an extension of filing returns.
- As with other forms of personal property (except motor vehicles), taxes are levied in arrears.
- If you owned the property on December 31 of the tax year, you are responsible for the taxes for that entire year.
- If you purchase personal property on or after January 1, you will not have to pay property taxes on it until January of the following year.
8. What happens if I don't file my business-related personal property tax return on time?
- The Auditor is required by law to estimate all accounts in which a return was not filed.
- Estimates may be higher than the original filed amount.
9. Are all boats & motors taxable?
- Boats or outboard motors with a fair market value of $500 or less are not taxable.
10. Are boat trailers taxable?
- No, not in South Carolina.
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