Bill > H5011

This bill, titled the "Tenant Protection Act of 2026," proposes to add a new section to South Carolina law that would limit the increase in property tax value following an "assessable transfer of interest" (ATI), which refers to a change in ownership or a significant change in the beneficial interest of a property. Specifically, after 2025, when such a transfer occurs, property taxes will be capped so that the new property tax value does not exceed 110% of the previous property tax value. This exemption is calculated based on the "exemption value," and the terms "exemption value," "property tax value," and "ATI fair market value" are defined by referencing an existing section of the law. Property owners can choose to use this new exemption instead of another existing one, but they must notify the county assessor of their election by January 31st of the first year they claim it, and no further notification is needed for subsequent years for the current owner. This act will take effect after being approved by the Governor and will apply to property tax years beginning after 2025.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=5011&session=126&summary=B