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Taxes in Lexington, SC
In Lexington, South Carolina, the total sales tax rate is a combination of the South Carolina state sales tax rate, the Lexington County sales tax rate, and the local sales tax rate. The South Carolina state sales tax rate is currently 6.00%. The Lexington County sales tax rate is 1.00%. The local sales tax rate in Lexington is 1.00%. Therefore, the total sales tax rate in Lexington, SC is 8.00%.
Regarding corporate taxes in Lexington, SC, the corporate income tax is governed by the state of South Carolina and is currently set at a flat rate of 5.00%. South Carolina does not impose a gross receipts tax, which means businesses in Lexington, SC are not required to pay this type of tax on their total gross revenues.
Property taxes in Lexington, SC are also determined by the state and county. Commercial and industrial property taxes are typically assessed at a rate of 10.5% of the property's assessed value. Personal property tax, which includes property such as cars, boats, and airplanes, is typically assessed at a rate of 10.5% as well. However, these rates can vary depending on the specific location within Lexington and the type of property.
More comprehensive tax data for Lexington is coming soon!
Featured Profiles
Business and Tax Incentives in Lexington, SC
Lexington offers a variety of economic incentives to help businesses at the local, state, and federal level.
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Reviews
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FAQs about Lexington, SC
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