South Carolina Code 12-37-800. Penalty for failure to list real or personal property; penalty for making false return, understating tax liability, or disregarding rules
Current as of: 2023 | Check for updates
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(A) If a person fails to list the real or personal property required by law to be listed in any one year, the value of the property may be charged against the person for taxation with a ten percent penalty added, and the taxes and penalty collected as in other cases.
(B) In addition to any other penalty, a person who intentionally makes a false return, wilfully attempts to understate tax liability, or recklessly or intentionally disregards applicable rules or regulations must be assessed a penalty equal to twenty-five percent of the taxes due.
Terms Used In South Carolina Code 12-37-800
- person: includes any individual, trust, estate, partnership, receiver, association, company, limited liability company, corporation, or other entity or group; and
(2) "individual" means a human being. See South Carolina Code 12-2-20 - Personal property: All property that is not real property.
(C) Upon good cause shown, the department may waive or reduce the penalty imposed pursuant to this section.