Tenant Protection Act of 2026
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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, the Tenant Protection Act of 2026, proposes an amendment to South Carolina’s property tax laws. Specifically, it creates an exemption for property tax increases following an assessable transfer of interest (ATI) on real property. This exemption limits the increase in property tax value to 110% of the property’s assessed value, with certain notification requirements for property owners.
Key provisions
- Creates a property tax exemption for parcels undergoing an assessable transfer of interest (ATI).
- Limits the property tax increase to 110% of the property's assessed value after an ATI.
- Allows property owners to elect this exemption instead of other existing exemptions.
- Requires property owners to notify the county assessor of their election to claim the exemption by January 31st.
- The exemption applies when the ATI fair market value first applies.
- Defines key terms like exemption value and property tax value.
- The act takes effect after approval by the Governor and applies to tax years beginning after 2025.
Who is affected
- Property Owners
- Real Estate Investors
- County Assessors
- Taxpayers
- Landlords
Notable changes
- Introduces a new property tax exemption specifically for properties subject to an assessable transfer of interest.
Bill text
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Sponsors
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6 on record
Primary sponsor
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