Property tax return to be filed prior to application for motor vehicle license.

South Carolina law provides for a number of property tax exemptions. If a license is transferred from one motor vehicle to another, no tax may be levied on the motor vehicle to which the license was transferred until the license expires. Exemption for holders of a life estate as provided for in Section 12-37-250 shall be effective for real property tax purposes for the 1972 tax year provided that such holders make application to the county auditor on or before May 1, 1972. Auditors may require agents to report length of lines in each township; addition to value.

Procedure in case of suspected evasion or false return of personal property; notice to taxpayer; examination under oath. The Comptroller General shall promulgate regulations as necessary to carry out the provisions of this section. Notwithstanding any other provisions of law, no personal property may be taxed for ad valorem purposes more than once in any tax year. Includes the building, repairing and conversion of ships and boats. The return and oath required of officers of railroad companies shall be made in such form as shall be prescribed by the department. Maximum percentage depreciation; trust fund for tax relief. When any leasehold estate is conveyed for a definite term by any grantor whose property is exempt from taxation to a grantee whose property is not exempt, the leasehold estate shall be valued for property tax purposes as real estate. Place where property shall be returned for taxation. Provided, However, That the first report of airline companies shall be filed on or before October 15, 1976 and any tax due shall be paid by December 31, 1976.