S.C. Code Ann. § 12-37-800 — Penalty for failure to list real or personal property; penalty for making false return, understating tax liability, or disregarding rules

(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.
(C) Upon good cause shown, the department may waive or reduce the penalty imposed pursuant to this section.