The bill H. 3427 proposes amendments to the South Carolina Code of Laws regarding the homestead property tax exemption for individuals who are over the age of sixty-five, disabled, or legally blind. Specifically, it 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 reducing their property tax burden.

Additionally, the bill includes the repeal of Section 12-37-245, which contains an obsolete reference to the homestead exemption. The proposed amendments will take effect upon approval by the Governor, thereby enhancing the existing benefits for qualifying individuals while streamlining the relevant legal framework.

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