Property Tax 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 proposes to create property tax exemptions for South Carolina residents aged seventy and older. Specifically, individuals aged eighty-five or older would receive a 100% exemption on their primary residence’s fair market value, while those aged eighty receive a 75% exemption, seventy-five receive a 50% exemption, and seventy receive a 25% exemption. To qualify, applicants must have paid property taxes on a primary residence in South Carolina for at least five years without receiving other property tax reductions.
Key provisions
- Provides property tax exemptions for individuals aged 70 and older.
- Offers tiered exemptions based on age (85, 80, 75, and 70 years old).
- Requires a minimum of five years of continuous South Carolina property tax payments on a primary residence to qualify.
- Excludes reduced or capped tax rates from the five-year payment requirement.
- Allows surviving spouses to continue the exemption under specific conditions (marriage at death, continued occupancy, and no remarriage).
- Requires the Department of Revenue to reimburse counties for revenue losses.
- Authorizes the Department to establish verification procedures for age, residency, and tax payment history.
Who is affected
- Senior citizens
- Homeowners
- Property taxpayers
- County treasurers
- The Department of Revenue
Notable changes
Bill text
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