Bill > H3951

This bill amends the South Carolina tax code to create a new property tax exemption for certain real estate transfers. Specifically, when a property undergoes an "assessable transfer of interest" (ATI) after 2024 and is subject to a six percent assessment ratio, property owners can claim an exemption that limits the increase in property tax value to no more than 110% of the previous value. To qualify, the property owner must notify the county assessor before January 31st of the tax year they first want to claim the exemption, and they can choose this exemption instead of a previously existing exemption under a different section of tax code. The terms "exemption value," "property tax value," and "ATI fair market value" are defined in a related section of law. Once an owner elects this exemption for a property subject to the six percent assessment ratio, no further notifications are required in subsequent years. The bill will take effect upon the Governor's approval and will first apply to property tax years beginning after 2024, potentially providing tax relief for property owners experiencing a transfer of interest.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=3951&session=126&summary=B