Bill > S0768

This bill proposes changes to South Carolina's homestead exemption, which is a tax break for homeowners on their primary residence. The key provisions include creating a new, additional homestead exemption that can offer a larger tax reduction for eligible homeowners, with potential exemption amounts of $75,000 or $150,000 depending on specific eligibility criteria related to residency and prior tax filings. It also repeals an existing homestead exemption provision and makes conforming changes to other related sections of the South Carolina Code of Laws to ensure consistency. Additionally, property tax notices will be required to itemize homestead exemptions received, including a notation for "State Legislature Aiding in Saving Homes" (SLASH), the amount of tax reduction, and any state reimbursement to local authorities. These changes are intended to take effect for property tax years beginning after 2025.