The "South Carolina Property Tax Relief for Seniors Act" aims to enhance property tax exemptions for seniors by amending Section 12-37-250 of the South Carolina Code. The bill proposes to increase the exemption amount from the first fifty thousand dollars to the first one million dollars of the fair market value of a senior's homestead. This exemption applies to individuals over the age of sixty-five, those who are disabled, or legally blind, provided they meet certain residency and ownership criteria.

Additionally, the bill introduces an additional sales, use, and casual excise tax of 0.32 percent, effective June 1, 2025, with specific exclusions for certain types of transactions, such as accommodations for transients and unprepared food purchased with USDA food coupons. The revenue generated from this new tax will be allocated to the Trust Fund for Tax Relief. The act will take effect upon the Governor's approval and will first apply to tax years beginning after 2024.

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