Bill > H5016

This bill amends South Carolina law to provide property tax exemptions for individuals over a certain age on their primary residence, meaning the home they live in most of the time. Specifically, those aged eighty-five and older will receive a 100% exemption, those aged eighty will get 75%, those aged seventy-five will receive 50%, and those aged seventy will get a 25% exemption, provided they have paid South Carolina property taxes on their primary residence for at least five years without any age-based or disability-based exemptions during that period, and that these taxes were paid at the full primary residence tax rate. Surviving spouses can continue to receive the exemption if they remain unmarried and occupy the home as their primary residence. The state's Department of Revenue will reimburse county treasurers for lost tax revenue and will establish regulations to verify eligibility. This change will take effect for property tax years after 2025.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=5016&session=126&summary=B