Over the last two years, the pandemic has driven many companies and commercial real estate property owners to the state of South Carolina. With the constant shifting of locations and the evolution of remote employees, many of these taxpayers are unaware of the deadlines and potential exemptions available in jurisdictions across the state.
If you acquired commercial property in South Carolina over the past year, Ryan recommends exploring the benefits of the Assessable Transfer of Interest (ATI) Exemption. Filing for a timely ATI Exemption may allow for a partial exemption of up to 25% off your recorded purchase price. The required form is simple, but the ATI calculation can be complicated.
ATI Exemption applications must be received by the assessor no later than January 30, 2022. As January 30 falls on a Sunday this year, Ryan recommends submitting the forms to the local assessor no later than Friday, January 28.
Please reach out to the local Ryan experts if you have any questions or would like to understand the impact to your property’s assessment. If you have missed this filing in prior years, there may be an opportunity to restore the exemption based on the outcome of pending legislation. Our team can help determine if your property will qualify.
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