2013 South Carolina Code of Laws
Title 12 - Taxation
CHAPTER 37 - ASSESSMENT OF PROPERTY TAXES
SECTION 12-37-2820. Assessment of motor vehicles.
(A) The Department of Revenue annually shall assess, equalize, and apportion the valuation of all motor vehicles of motor carriers. The valuation must be based on fair market value for the motor vehicles and an assessment ratio of nine and one-half percent as provided by Section 12-43-220(g). Fair market value is determined by depreciating the gross capitalized cost of each motor vehicle by an annual percentage depreciation allowance down to ten percent of the cost as follows:
(1) Year One -- .90
(2) Year Two -- .80
(3) Year Three -- .65
(4) Year Four -- .50
(5) Year Five -- .35
(6) Year Six -- .25
(7) Year Seven -- .20
(8) Year Eight -- .15
(9) Year Nine -- .10
(B) "Gross capitalized cost", as used in this section, means the original cost upon acquisition for income tax purposes, not to include taxes, interest, or cab customizing.
HISTORY: 1996 Act No. 461, Section 1; 1997 Act No. 125, Section 1B; 1998 Act No. 442, Section 12B.
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