The "South Carolina Property Tax Relief for Seniors Act" aims to provide significant property tax relief for seniors by amending the existing homestead property tax exemption. Specifically, the bill increases the exemption amount from the first fifty thousand dollars to the first one million dollars of the fair market value of a qualifying senior's dwelling. This exemption applies to individuals who are over the age of sixty-five, 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, which will be applied to taxable amounts under the relevant chapter, with specific exclusions for certain accommodations and unprepared food purchases. 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