South Carolina law now allows a partial exemption from taxation of up to 25% of an “ATI fair market value” that is the result of an Assessable Transfer of Interest. The exemption allowed results in a “taxable value” of 75% of the “ATI fair market value” or the previous fair market value, whichever is higher.
ELIGIBILITY: This exemption may apply to properties that: Are taxed at a 6% assessment for the year in which the exemption is granted. And - Have experienced a value increase due to an Assessable Transfer of Interest for tax years 2011 forward. And - This exemption only applies if the property owner or their agent applies on or before January 30th of the year in which the exemption is first applied.
CERTIFICATION and SIGNATURE:
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