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 current one-year requirement, 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.

In addition to the residency requirement, the bill maintains the existing provisions regarding eligibility based on age, disability, or legal blindness. The exemption continues to apply to jointly owned properties by spouses, as long as at least one spouse meets the age or disability criteria and the new residency requirement is satisfied. The bill will 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