Bill > H4695

This bill establishes the "Save Our Property Act," which provides property tax relief for long-term property owners with lower incomes in South Carolina. Specifically, homeowners or agricultural property owners who have owned their property for at least 20 years (or inherited it from an immediate family member with a combined ownership of 20 years) can apply annually for property tax deferment. The assessor will review the application and supporting documentation, such as income tax returns and bank statements, and defer property taxes based on the applicant's income relative to the county's median income. If an applicant's income is 60% or less of the county median income, all property taxes can be deferred; if income is between 60% and 100% of the median, partial deferment may be granted. Deferred taxes will not accrue interest or penalties and will be due in the next tax year. The bill also includes provisions for continuing deferments if the property owner dies, with deferment continuing until the property is transferred outside the immediate family. Any assessor decisions can be appealed to the county board of assessment appeals. The act will take effect upon gubernatorial approval and will apply to tax years beginning after 2025.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=4695&session=126&summary=B