Bill > H3380

This bill amends South Carolina's property tax exemption law for seniors, disabled individuals, and legally blind residents by modifying the homestead tax exemption calculation. Specifically, homeowners who are 65 or older, totally and permanently disabled, or legally blind can now receive a property tax exemption that is the greater of either $50,000 or 33% of their property's fair market value. To qualify, individuals must have been a state resident for at least one year, meet the age or disability criteria, and own the property in fee simple or have a life estate. For those claiming disability who have not been previously classified by a state or federal agency, they can apply to the state Vocational Rehabilitation agency for evaluation. The bill also repeals a previously obsolete reference to the homestead exemption (Section 12-37-245) and will take effect upon the Governor's approval, applying to property tax years beginning after 2024. This change aims to provide broader and potentially more generous property tax relief for qualifying South Carolina homeowners.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=3380&session=126&summary=B