South Carolina Code 12-37-2430. Valuation of aircraft
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Terms Used In South Carolina Code 12-37-2430
- Aircraft: means any contrivance, used or designed for navigation or flight through the air. See South Carolina Code 12-37-2410
- Airline company: means any person who undertakes, directly or indirectly, to engage in the regularly scheduled transportation by aircraft of persons or property for hire in interstate, intrastate or international transportation. See South Carolina Code 12-37-2410
- Department: means the South Carolina Department of Revenue. See South Carolina Code 12-37-2410
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
The department shall annually assess, adjust, equalize, and apportion the valuation of all aircraft of each airline company of a type or model operated in this State by such airline company by such type or model. Such aircraft shall be valued by the department at fair market value.