South Carolina's philosophy is to offer a fair, stable and reasonable tax structure that allows businesses to grow and prosper. Conservative fiscal management and taxation policies create a climate that encourages growth while maintaining a balanced budget. In fact, we are one of only nine states in the U.S. to maintain an AAA credit rating from Moody's Investor Services and Fitch Ratings. In South Carolina, only the state has the authority to tax corporate income. Currently, the state has one of the lowest corporate income tax rates (5%) in the Southeast and no state property tax.
In South Carolina, only local government levies property taxes. There is no tax on real or personal property. There is no tax, state or local, on inventories or intangibles in South Carolina. We have the ability to negotiate local property taxes from a 10.5% down to a 6% assessment, or a 43% reduction. This assessment was established by the SC Tax Commission to ensure equitable statewide assessments on all industrial plants. Millage rates are adopted annually by the local governing bodies and are applied to the assessments.
Click here for York County millage rates.