Jan
22

CRE Tax Exemption for Property Purchased During 2014

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elliott davis decosimo logoFrom our friends at Elliott Davis Decosimo:

Application Deadline January 30, 2015

Legislation in South Carolina enacted in 2011, which became effective January 1, 2012, created an exemption from property taxes applicable to certain transfers of commercial real estate. The exemption is not available for all properties and is determined by an evaluation of a number of factors. Generally, if the property qualifies, it could be assessed at a 25% discounted value as of December 31 of the year of the transfer.

The purchaser of the property must apply for the exemption.The application process is relatively straightforward, as the statute only requires the purchaser to notify the county tax assessor that it intends to claim the exemption. The applicant is not required to make any calculations to determine if the property qualifies before applying; all calculations will be performed by the assessor. Various counties have established their own guidelines for the form of the notification.

If you have any specific questions or need assistance evaluating your eligibility to secure a reduction in your assessed value of commercial real estate, please contact your tax advisor at your earliest convenience.

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    Categories : South Carolina News

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