Bill > H4578

This bill modifies the existing homestead property tax exemption for South Carolina residents who are 65 years or older, totally and permanently disabled, or legally blind by clarifying that the exemption does not apply to certain school district general obligation debt millage. Specifically, the bill removes the existing maximum fair market value limit for property tax exemptions when it comes to school district debt service millage, meaning that 100% of the dwelling's fair market value will be subject to these specific property taxes. Additionally, the bill eliminates state reimbursement provisions for the portion of school debt service millage that exceeds the previous maximum fair market value limit. The changes will take effect upon the Governor's approval and will first apply to property tax years beginning after 2026, which means the new rules will impact tax assessments starting in 2027. This modification ensures that school districts can fully collect debt service taxes without being limited by existing homestead exemption rules.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=4578&session=126&summary=B