Bill > H4071

This bill amends South Carolina tax law by modifying Section 12-37-3150 to exclude certain property transfers from being considered a taxable "assessable transfer of interest." Specifically, the bill creates an exemption for transfers made between related descendants who have a legal claim to heirs' property, where both the person transferring the property (grantor) and the person receiving the property (grantee) already owned an interest in the property before the transfer. Heirs' property is a term often used to describe real estate inherited informally or without a clear legal title, which can create complications for property ownership and transfer. The purpose of this exemption appears to be helping families clear title issues for inherited property without triggering additional property tax assessments. The bill will take effect upon the Governor's approval and will apply to property tax years beginning after 2024, which means it will first impact property tax calculations starting in 2025.

Justice

https://www.scstatehouse.gov/billsearch.php?billnumbers=4071&session=126&summary=B