Bill > H4599

This bill increases the homestead property tax exemption for certain South Carolina residents, specifically those who are 65 years or older, totally and permanently disabled, or legally blind. The exemption amount will be raised from $50,000 to $150,000 of the fair market value of a dwelling place, which means these qualifying individuals will be exempt from county, municipal, school, and special assessment real estate property taxes on the first $150,000 of their home's value. To qualify, a person must have been a resident of South Carolina for at least one year, meet the age or disability criteria, and hold complete fee simple title or a life estate to the dwelling. For those claiming disability who have not been officially classified by a state or federal agency, they may apply to the state Vocational Rehabilitation agency for evaluation. The bill also repeals Section 12-37-245, which contained an obsolete reference to the homestead exemption, and the new exemption amount will take effect for property tax years beginning after 2025, subject to the Governor's approval.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=4599&session=126&summary=B