Bill > H4608

This bill amends South Carolina law to expand the definition of a "legal residence" for property tax purposes, meaning that certain additional dwellings on the same property, including those occupied by immediate family members of the owner, will now also qualify for the lower four percent assessment ratio, which is a preferential tax rate applied to the fair market value of a primary home. Previously, this lower rate primarily applied only to the owner's primary dwelling and up to five acres of contiguous land. The bill clarifies that this expanded definition applies to dwellings occupied by immediate family members, ensuring that properties with multiple family residences on the same lot can benefit from the same favorable tax treatment as a single owner-occupied home.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=4608&session=126&summary=B