summary
Introduced
03/13/2024
03/13/2024
In Committee
03/13/2024
03/13/2024
Crossed Over
Passed
Dead
05/09/2024
05/09/2024
Introduced Session
125th General Assembly
Bill Summary
Amend The South Carolina Code Of Laws By Amending Section 12-37-250, 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 Set The Exemption Amount As The Greater Of The First Fifty Thousand Dollars Or The First Thirty-three Percent Of The Fair Market Value Of The Homestead; And By Repealing Section 12-37-245 Relating To An Obsolete Reference To The Homestead Exemption.
AI Summary
This bill amends Section 12-37-250 of the South Carolina Code of Laws to set the homestead property tax exemption amount for persons who are over the age of 65, disabled, or legally blind as the greater of the first $50,000 or the first 33% of the fair market value of the homestead. It also repeals Section 12-37-245, which contained an obsolete reference to the homestead exemption. The bill takes effect upon approval by the Governor and applies to property tax years beginning after 2023.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to Committee on Ways and Means (on 03/13/2024)
Bill Topics
Community Development and Housing Issues
- ‐ Elderly and Handicapped Housing
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=5264&session=125&summary=B | 03/13/2024 |
| BillText | https://www.scstatehouse.gov/sess125_2023-2024/prever/5264_20240313.htm | 03/13/2024 |
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