South Carolina S0815 proposes a constitutional amendment to revise property tax assessments.

South Carolina S0815 proposes a constitutional amendment to revise property tax assessments. It sets different tax rates for various types of property, including business establishments, farm machinery, and personal property. For business establishments, the tax rate is six percent of the fair market value. Farm machinery and equipment, excluding those used on highways, are taxed at five percent. Personal property, excluding motor vehicles, is taxed at ten and a half percent. Personal motor vehicles have a declining tax rate over six years, starting at 9.75 percent and ending at six percent.

South Carolina S0815 proposes a constitutional amendment to revise property tax assessments.

South Carolina S0815 proposes a constitutional amendment to revise property tax assessments. It sets different tax rates for various types of property, including business establishments, farm machinery, and personal property. For business establishments, the tax rate is six percent of the fair market value. Farm machinery and equipment, excluding those used on highways, are taxed at five percent. Personal property, excluding motor vehicles, is taxed at ten and a half percent. Personal motor vehicles have a declining tax rate over six years, starting at 9.75 percent and ending at six percent.