Homestead Exemption
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill increases the amount of property tax relief available to senior citizens, disabled individuals, and those who are legally blind in South Carolina. It raises the homestead exemption amount from the first $50,000 of a home’s fair market value to the first $100,000. The bill also removes an outdated reference to the homestead exemption from state law.
Key provisions
- Increases the homestead property tax exemption amount.
- Raises the exemption from $50,000 to $100,000.
- Applies to residents who are 65 or older, disabled, or legally blind.
- Requires complete fee simple title or a life estate to qualify.
- Removes an obsolete reference to the homestead exemption from state law.
Who is affected
- Senior Citizens
- Disabled Individuals
- Legally Blind Individuals
- Homeowners
- Property Taxpayers
Notable changes
- Doubles the current homestead exemption amount.
- Eliminates a redundant reference to the homestead exemption.
Bill text
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