All businesses are required to file a personal property return form on or before April 30th or 120 days after the close of their business year. A 10% penalty is added for filing late. There are no provisions for extensions.
Failure to File or List Property – Section 12-54-40 provides: A person who willfully attempts to evade or defeat any tax or property assessment, in addition to other penalties provided by law, is guilty of a FELONY and, upon conviction, must be fined not more than ten thousand dollars or imprisoned not more than five years, or both, together with the cost of prosecution. The assessment may be estimated from the best available information.
Value of furniture, fixtures, and equipment - S. C. Code of Regulations Chapter 117 provides: The fair market value of merchants' furniture, fixtures and equipment shall be the depreciated value as shown by the merchants' records for income tax purposes, provided however, that in no event is the original cost of the property to be reduced by more than ninety percent of the original capitalized cost.
What form to file
Businesses that have a retail license must file a form PT-100 to the Department of Revenue. This form is available on the Department of Revenue website.
All other businesses must file a return with theYork County Auditor's office. This form is available on this website.
Businesses that manufacture a finished good must file a PT300 to the Department of Revenue. This form is available on the Department of Revenue website also.
- How do I know if my vehicle qualifies for a high mileage discount?
- We have a chart provided to us by the Department of Revenue for mileage adjustments. You can call or e-mail our office and give us your mileage and year of your vehicle to find out if you are eligible.
- How do I figure out how much my taxes will be on a new vehicle I am purchasing?
- We have a manual provided to us by the Department of Revenue that shows the value of all vehicles. We can give you an estimate from our manual by phone, fax, or e-mail. If you want to figure an estimated amount yourself, take the market value (before any rebates, allowances, or trade ins) and multiply that by 7.50% if the vehicle will be in your personal name or by 10.50% if the vehicle will be in a business name. After you have done that, you will multiply your answer by the tax rate of the district you live in. We can give you the tax rate if you tell us what your address is or you can find it on any of your tax bills for the current year. If you need an exact amount, you will need to fax, e-mail, or come in and bring a title or bill of sale.