summary
Introduced
01/15/2025
01/15/2025
In Committee
01/15/2025
01/15/2025
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 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 tax code to increase the homestead property tax exemption for certain qualifying individuals from $50,000 to $100,000 of the fair market value of their dwelling. The exemption applies to residents who are 65 years or older, totally and permanently disabled, or legally blind, and who have been a state resident for at least one year. For disabled individuals not already classified by a state or federal agency, the bill allows them to apply to the state Vocational Rehabilitation agency for an evaluation. The bill also repeals Section 12-37-245, which contained an obsolete reference to the homestead exemption. The changes will take effect upon the Governor's approval and will first apply to property tax years beginning after 2024, meaning eligible homeowners will see the increased exemption amount on their property tax bills starting in 2025.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Referred to Committee on Finance (on 01/15/2025)
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=0223&session=126&summary=B |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/223_20250115.htm |
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