summary
Introduced
01/14/2025
01/14/2025
In Committee
01/14/2025
01/14/2025
Crossed Over
Passed
Dead
Introduced Session
126th 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 Increase The Exemption Amount From The First Fifty Thousand Dollars To The First One Hundred Fifty Thousand Dollars 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 South Carolina's homestead property tax exemption law to increase the exemption amount from $50,000 to $150,000 of a property's fair market value for qualifying individuals. The exemption applies to county, municipal, school, and special assessment real estate property taxes for three specific groups: people aged 65 or older who have been state residents for at least one year, individuals classified as totally and permanently disabled by a state or federal agency, and legally blind individuals who own their dwelling in fee simple or have a life estate. For those claiming disability who have not been officially classified, they may 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 greater tax relief for seniors, disabled individuals, and legally blind residents by significantly increasing the property value exempt from taxation.
Committee Categories
Budget and Finance
Sponsors (6)
Steven Long (R)*,
Bill Chumley (R),
Brian Lawson (R),
Josiah Magnuson (R),
Tommy Pope (R),
Tiffany Spann-Wilder (D),
Last Action
Referred to Committee on Ways and Means (on 01/14/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=3419&session=126&summary=B |
| Fiscal Note - H3419 2025-01-14 Introduced | https://www.scstatehouse.gov/sess126_2025-2026/fiscalimpactstatements/H3419%202025-01-14%20introduced.pdf |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/3419_20241205.htm |
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