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Business Personal Property Tax


Home
1
Research & Planning
2
Registering with the Secretary of State
3
Obtain an Employer ID Number (EIN) from the IRS
4
Choose Location - Determine local business licenses and property tax requirements
5
Will you hire employees? Know the laws and requirements
6
Determine if a Retail Sales Tax registration is required
7
Determine what county or state Business Personal Property Tax registrations are required
8
Financing your business
9
Other considerations


Determine County or State Business Personal Property Tax

 

Businesses are required to file a Business Personal Property Return with the county or the SCDOR annually for each business location. Business Personal Property Tax is a business tax on the furniture, fixtures, and equipment owned by the business. Examples include computers, copiers, chairs, refrigeration equipment, and shelving. This is a tax that is to be reported as an acquisition cost with a deduction allowed for depreciation but should never fall below 10%.

 

In order to submit the tax, a Business Personal Property Tax account needs to be established. In general, a business that requires a Sales Tax license will automatically receive a business personal property tax file number from the Dept. of Revenue. A service business normally registers with the county.

DOR Property Tax Manual