The bill H. 3427 proposes an amendment to the South Carolina Code of Laws, specifically Section 12-37-250, which pertains to the homestead property tax exemption for individuals over the age of sixty-five, disabled, or legally blind. The amendment seeks to increase the exemption amount from the first fifty thousand dollars to the first one hundred thousand dollars of the fair market value of the homestead. This change aims to provide greater financial relief to eligible residents by allowing a larger portion of their property value to be exempt from various property taxes.

Additionally, the bill includes the repeal of Section 12-37-245, which contains an obsolete reference to the homestead exemption. The proposed changes are intended to modernize the tax exemption framework and enhance the benefits available to qualifying individuals. The act will take effect upon approval by the Governor.

Statutes affected:
12/05/2024: 12-37-250, 12-37-245
Latest Version: 12-37-250, 12-37-245