Bill > H4690

This bill increases the homestead property tax exemption for certain qualifying South Carolina residents, specifically those who are 65 years or older, totally and permanently disabled, or legally blind. The existing law previously exempted the first fifty thousand dollars of a dwelling's fair market value from property taxes, and this bill raises that exemption to the first one hundred thousand dollars. Eligible individuals must have been a state resident for at least one year and meet specific criteria: they are either 65 years old by December 31st, have been classified as totally and permanently disabled by a state or federal agency, or are legally blind as defined by state law. For individuals claiming disability who have not been formally classified, 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 gubernatorial approval.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=4690&session=126&summary=B