S.C. Code Ann. § 12-4-540 – Appraisal, assessment and equalization by department; appraisal, assessment and equalization of certain business property

(A)
1. (1) The department has the sole responsibility for the appraisal, assessment, and equalization of the taxable values of corporate headquarters, corporate office facilities, and distribution facilities and of the real and personal property owned by or leased to the following businesses and used in the conduct of their business:
  1. (a) manufacturing;
  2. (b) railway;
  3. (c) private carline;
  4. (d) airline;
  5. (e) water, heat, light and power;
  6. (f) telephone;
  7. (g) cable television;
  8. (h) sewer;
  9. (i) pipeline;
  10. (j) mining.
2. (2) In addition, the department has the sole responsibility for the appraisal, assessment, and equalization of the taxable values of the personal property of merchants.
(B) Except as otherwise provided, the department may use any accepted or recognized valuation method which reflects the property's fair market value, including methods within the unit valuation concept. In assessing railroad transportation property, the department shall use the unit valuation concept.
(C) When the unit valuation concept is used, the value allocated to this State must be distributed to the taxing entities in which the property is situated.
(D) Except as otherwise provided, the department shall assess all real and personal property, leased or used, to the owner.
(E) When the department uses the unit valuation concept, property taxes on all leased and used real and personal property must be paid by the lessee. Whether or not the unit valuation concept is used, an airline or private carlines shall pay property taxes on all leased real and personal property in its control.
(F) If the department discovers that property required by law to be returned to the department has not been returned, the department may value and assess the property. If property has been returned or assessed incorrectly, the department may value and assess the property and give notice to the taxpayer of the valuation and assessment. After the expiration of the appeal period, the department shall certify the corrected assessment to the county auditor of the county where the property is located.