Property Tax Abatements
New manufacturing facilities and additions costing at least $50,000 to existing manufacturing facilities are exempt from the ordinary county taxes for a period of five years. These are known as property tax abatements.
This does not apply if Fee-in-Lieu-of Taxes (FILOT) agreement is executed with the county nor does it apply to school or municipal taxes. Apply to the Department of Revenue for exemption using Form PT-401.
Municipal Property Tax Abatements: Requirements are the same as for county abatements except the municipality, by ordinance, must specifically exempt the property from municipal property taxes.
Value: The result could be an approximate savings of 25 percent to 35 percent on annual property taxes for real and personal property.
Property and Tax Abatement Example:
| $1 Million | Investment (land, building, and equipment) |
| x 10.5% | Assessment Ratio |
| $105,000 | Assessed Value |
| x .200 | Example millage rate |
| $21,000 | Annual Tax |
| $1 Million | Investment (land, building, and equipment) |
| x 10.5% | Assessment Ratio |
| $105,000 | Assessed Value |
| x .0535 | Example millage rate |
| $5,617.50 | Annual Abatement |
The estimated annual property tax for one year: $21,000 – $6,699 = $14,301.
To learn more about additional Laurens County economic incentives, look here.
