summary
Introduced
02/05/2025
02/05/2025
In Committee
02/05/2025
02/05/2025
Crossed Over
Passed
Dead
Introduced Session
126th General Assembly
Bill Summary
Amend The South Carolina Code Of Laws By Amending Section 12-37-220, Relating To The General Exemption From Property Taxes, So As To Provide A Property Tax Exemption Of Fifty Percent Of The Fair Market Value Of Watercraft.
AI Summary
This bill amends South Carolina property tax law by adding a new exemption that reduces the taxable value of watercraft (boats) by 50%. Specifically, the bill modifies Section 12-37-220 of the South Carolina Code to provide property owners with a tax break where only half of a watercraft's fair market value will be subject to taxation. The exemption will be based on the definition of watercraft found in Section 50-23-5 of state law. The new tax provision will take effect on January 1, 2026, and will first apply to property tax years beginning after 2026, meaning boat owners will start seeing this tax reduction in the 2027 tax year. This change aims to provide financial relief to boat owners by lowering their annual property tax burden on watercraft.
Committee Categories
Budget and Finance
Sponsors (12)
Stephen Goldfinch (R)*,
Richard Cash (R),
Wes Climer (R),
Tom Davis (R),
Tom Fernandez (R),
Mike Gambrell (R),
Larry Grooms (R),
Michael Johnson (R),
Matthew Leber (R),
Everett Stubbs (R),
Ross Turner (R),
Jeffrey Zell (R),
Last Action
Senate Property Tax Subcommittee (00:00:00 2/12/2026 Gressette Room 209) (on 02/12/2026)
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=0317&session=126&summary=B |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/317_20250205.htm |
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