The bill H. 3374 proposes an amendment to Section 12-37-250 of the South Carolina Code of Laws, which pertains to the homestead exemption for elderly and disabled individuals. The key change in the legislation is the requirement for a person to be a resident of South Carolina for at least five years, rather than the previous 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 status, and ownership of the dwelling. The changes aim to ensure that the benefits of the homestead exemption are extended to long-term residents of the state, thereby potentially reducing the tax burden for those who have established a more permanent residence in South Carolina. The act 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