SC Department of Revenue
 
 
 
 
 
 
 
 
 
 
 
 
Business Personal Property FAQs

 

Business Personal Property Tax Frequently Asked Questions:

 

 

What is Business Personal Property Tax?

Business Personal Property Tax is a property tax on the furniture, fixtures and equipment that are owned and used to operate a business.  Inventory, land and building should not be included on the Business Personal Property Return.

 

Who is required to file a Business Personal Property Tax Return?

A Business Personal Property Tax Return is required to be filed by anyone who has personal property in a business or leases equipment to a business.

 

How is Business Personal Property Tax reported?

Business Personal Property is filed electronically thru South Carolina Business One Stop (SCBOS).  The SCBOS electronic filing site is:  https://www.scbos.sc.gov.  Roll over the tab >Run your Business > Click  SC Dep’t of Revenue Filings.  Select  > Business Personal Property Tax or use the link: https://www.scbos.sc.gov/Run_Your_Business/SC_Dept_of_Revenue_Filings/Business_Personal_Property_Tax_on_SCBOS.aspx

 

When is the Business Personal Property Return due?

The Business Personal Property Return is due four months after the taxpayer’s account closing period.  State law does not provide for an extension to file the return. An example of due dates: a taxpayer that has a calendar year account closing period of December 31st will be required to file a timely return by the following April 30th.  Another example, a taxpayer with a June 30th account closing period will be required to file a timely return by October 31st of that same year.

 

Where do I file the Business Personal Property Return?

The PT-100 in most cases will be filed with the Department of Revenue thru SCBOS at: https://www.scbos.sc.gov .  Service oriented businesses should file locally with the county, with the exception of Greenville County.  All businesses with personal property in Greenville County will file the Business Personal Property Return with SCDOR.

  

Can I file one return for all my locations?

No.  A separate return must be filed per business location.  Location is defined as the physical address that the equipment is located.  All assets under identical ownership which are located at the same address should be filed together on one Business Personal Property Return.

 

What values should be reported on the Business Personal Property Return?

The gross capitalized cost of all business furniture, fixtures and equipment for income tax purposes should be reported on the PT-100.

 

Is there a depreciation allowance on the Business Personal Property Return?

Yes.  Depreciation is allowed on the Business Personal Property Return at the same rate allowed for South Carolina income tax up to a maximum allowance of 90%.  A 10% residual must be retained for assets which have been depreciated beyond 90% for South Carolina income tax.

 

How is my tax bill calculated?

The tax bill is calculated by multiplying the net depreciated value on the Business Personal Property Return by 10.5% to obtain the assessed value of your property.  The assessed value is sent to the County Auditor in the county the property is located.  The County Auditor applies millage applicable for the taxing district where the property is located.  Payment is due on or before January 15th of each year.

 

When and who do I pay?

You should receive a bill from the County Auditor in the fall with payment due to the County Treasurer on or before January 15th of each year.

 

What if I fail to file a Business Personal Property Return?

If you fail to file a Business Personal Property Return an estimated value is sent to the County Auditor with a 10% late file penalty.  The estimated value will be based on the prior year’s return.

 

What is the assessment ratio for Business Personal Property Tax?

Business Personal Property is assessed at 10.5 percent.

 

Should leased equipment be reported on the Business Personal Property Return?

Yes. Leased equipment should be reported on the Business Personal Property Return.  Please refer to the lease agreement as to who is responsible to file for the equipment and who is responsible for payment of the tax.

 

Is software included and taxable on the Business Personal Property Tax?

Software is taxable if sales and use tax was paid and should be included on the Business Personal Property Return.

 

What if I find an error after filing my Business Personal Property Return?

If you find you have made an error on your return, you can file an amended return on a paper PT-100.  A paper return is required for all amendments.  The amended return must be marked amended and include a letter explaining why you are amending the original reported values.  The amended return is mailed to the same address indicated on the PT-100 return.  If accepted, the amendment will be sent to the County Auditor for adjustment of the assessment.  Click here for a link to the PT-100 form.

 

What do I need to do if my business has closed?

If a business location has closed, a final return must be filed based on your account closing period indicating final.  You must provide the closing date in the appropriate space on the Business Personal Property Return.

 

Who do I contact for assistance with the Business Personal Property Tax?

For help with any questions, please contact the Department of Revenue Property Tax Department by phone at (803) 898-5222 or email at BPProperty@sctax.org

 

 

 

 

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