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.
ADD ITEM TO REPORT
As you navigate our website, you can use the “Add Page to Report” button to add any page or property to a custom report that you can print out or save.
