Bill > H3374

This bill amends the South Carolina homestead exemption law to increase the state residency requirement from one year to five years for elderly, disabled, or legally blind homeowners seeking property tax relief. Currently, homeowners aged 65 or older, those classified as totally and permanently disabled, or legally blind can receive an exemption of the first $50,000 of their property's fair market value from county, municipal, school, and special assessment real estate property taxes. The bill modifies the existing law to require that individuals must have been a resident of South Carolina for at least five years (instead of one year) before claiming this tax exemption. This change applies to both individual homeowners and jointly owned properties where either spouse meets the age, disability, or legal blindness criteria. The new residency requirement aims to ensure that long-term state residents receive this property tax benefit. The bill will take effect upon approval by the Governor.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=3374&session=126&summary=B