South Carolina Code 12-37-2130. Annual valuation of private cars of private car companies
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Terms Used In South Carolina Code 12-37-2130
- Company: shall be deemed and construed to mean any person, copartnership, association, corporation, or syndicate that may own or operate, or be engaged in operating, furnishing, or leasing cars, as defined and described in this section, whether formed or organized under the laws of this State or any other State or territory. See South Carolina Code 12-37-2110
- Department: means the South Carolina Department of Revenue. See South Carolina Code 12-37-2110
- 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.
- Private car: includes a passenger car, sleeping car, dining car, express car, refrigerator car, oil or tank car, horse or stock car, fruit car, or any car designed for the carrying of a special commodity, operated upon the railroads in this State. See South Carolina Code 12-37-2110
The department shall annually assess, adjust, equalize, and apportion the valuation of all private cars of each private car company of a type or model operated in this State by such private car company by such type or model. Such private cars shall be valued by the department at fair market value.