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Whether
we like it or not, until our legislators discover another
form of revenue, residents of South Carolina will be paying
property tax on the value of their vehicles. The taxes
paid are linked to our license plates, or "tags."
If
you buy (or lease) a new car or truck and apply for
new tags, your new taxes will be due in 120 days.
If
you transfer your existing tags to the new vehicle,
your tax due date will remain the same as it has been
in the previous years associated with that license plate.
If you pay taxes on the "old" car, prior to
transferring the tag to the new car, your taxes on the
new car (usually higher) will not be due until next
year's due date. This can represent significant savings
on your tax bill for one year.
Another
item to be considered is your existing car's mileage.
If the car has "high" mileage (over 15,000
per model year), you may be able to reduce your tax
bill by claiming decreased value due to the higher than
normal mileage. Consult your county auditor's office
for more information.
Do
not hesitate to ask me to clarify any of this rather
confusing information.
Frank M. Price, Owner
803-732-1150
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