The bill H. 3374 proposes an amendment to the South Carolina Code of Laws, specifically Section 12-37-250, which pertains to the homestead exemption for elderly and disabled individuals. The key change in this legislation is the requirement that a person must be a resident of South Carolina for at least five years, rather than the previous requirement of one year, in order to qualify for the homestead exemption. This exemption allows for the first fifty thousand dollars of the fair market value of a person's dwelling to be exempt from various property taxes, provided the individual meets certain age or disability criteria.

Additionally, the bill clarifies that the exemption applies to jointly owned properties when at least one owner meets the age or disability requirements and has been a resident of the state for the new five-year period. The bill is set to take effect upon approval by the Governor.

Statutes affected:
12/05/2024: 12-37-250
Latest Version: 12-37-250
12/06/2024: 12-37-250