Bill > H5014

This bill amends existing South Carolina law regarding property tax exemptions to provide a new exemption for personal motor vehicles for individuals aged sixty-five and older. Specifically, individuals who have reached seventy years of age by December 31st will receive a 100% exemption on the fair market value of one personal motor vehicle, while those who have reached sixty-five years of age by December 31st will receive a 50% exemption on one personal motor vehicle. To qualify, individuals must have paid South Carolina motor vehicle property taxes on at least one personal vehicle for a total of five years, either consecutively or non-consecutively, and these taxes must have been paid at the full rate without any prior age-based, disability-based, or other partial or full exemptions. This exemption applies to one vehicle per taxpayer, regardless of whether it is owned or leased, and is not subject to income limitations. The exemption does not transfer if the vehicle is sold or replaced and must be claimed as directed by the relevant department. This new provision will take effect after 2025.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=5014&session=126&summary=B