Bill > H3352

This bill amends South Carolina property tax law by modifying the requirements for obtaining a special four percent property assessment ratio for owner-occupied properties. Currently, property owners must provide various proofs of residency and eligibility, including tax returns. The bill specifically prohibits assessors from requiring confidential tax records while still allowing them to request certain tax document portions to verify residency and eligibility. The changes maintain the existing requirements for proving owner-occupancy, such as providing motor vehicle registration and other documentation, but restrict assessors from demanding complete, confidential tax records. Assessors can still annually request applicable portions of federal and state tax returns, including the Schedule E form, to determine eligibility. If an owner-occupant is found ineligible for the four percent ratio, their property will be assessed at the standard six percent ratio, with the owner retaining the right to appeal the classification. The bill will take effect upon the governor's approval and apply to tax years beginning after 2024.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=3352&session=126&summary=B