Bill > S0950

This bill amends South Carolina law to exclude certain transfers of property from being considered an "assessable transfer of interest," which typically triggers a property tax reassessment. Specifically, it exempts transfers made to a "qualified family member" who has a legal claim to "heirs' property" when the purpose is to clear the title of that property. "Heirs' property" is defined as real estate inherited from a relative where the title hasn't been formally settled through probate or a recorded sale. A "qualified family member" is broadly defined as someone related by blood, marriage, or adoption to the previous owner. This exclusion also applies to partitions of heirs' property, where the resulting parcels are assessed proportionally. To qualify for this exclusion, family members must provide affidavits to the county assessor confirming the property is heirs' property, the transfer is between qualified family members, and the goal is to clear the title. Once the title is cleared, the property will no longer be considered heirs' property and will not be eligible for this exclusion. This provision aims to help families resolve complex ownership issues stemming from inherited property without incurring immediate tax penalties.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=0950&session=126&summary=B