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SC H4994

SC H4994
Homestead exemptions


summary

Introduced
01/21/2020
In Committee
01/21/2020
Crossed Over
Passed
Dead
09/24/2020

Introduced Session

123rd General Assembly

Bill Summary

Amend Section 12-37-250, Code Of Laws Of South Carolina, 1976, Relating To The Homestead Property Tax Exemption Allowed For Persons Who Are Over The Age Of Sixty-five Years, Disabled, Or Legally Blind, So As To Increase The Exemption Amount From The First Fifty Thousand Dollars To The First One Hundred Thousand Dollars Of The Fair Market Value Of The Homestead; And To Repeal Section 12-37-245 Relating To An Obsolete Reference To The Homestead Exemption.

AI Summary

This bill amends the South Carolina Code of Laws to increase the homestead property tax exemption from the first $50,000 to the first $100,000 of the fair market value of the homestead for persons who are over the age of 65, disabled, or legally blind. It also repeals an obsolete reference to the homestead exemption. The changes will apply to property tax years beginning after 2019, once the bill is approved by the Governor.

Committee Categories

Budget and Finance

Sponsors (28)

Last Action

Referred to Committee on Ways and Means (on 01/21/2020)

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