Bill > H4580

This bill amends South Carolina property tax law to provide a full property tax exemption for individuals who are 70 years of age or older on or before December 31st for their primary legal residence. Specifically, the bill adds a new provision to Section 12-37-220 that will exempt 100% of the property's value from taxation, provided the property qualifies as a legal residence under existing state law (Section 12-43-220(c)(1)) and the owner has reached the age of 70. The tax exemption will take effect after the Governor's approval and will first apply to property tax years beginning after 2025. This change is intended to provide significant tax relief for senior homeowners by completely removing their primary residence from property tax assessment, which could help seniors maintain their homes and reduce financial burden in retirement.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=4580&session=126&summary=B