The bill H. 3445 proposes an amendment to Section 12-43-220 of the South Carolina Code of Laws, which pertains to assessment ratios on residential property. The key change allows a taxpayer's spouse to claim the four percent assessment ratio on a residential property. This amendment modifies the existing language to clarify that the special assessment ratio can be claimed by the spouse, provided that neither the taxpayer nor any other household member, excluding the spouse, claims it on another residence.

The bill is set to take effect upon approval by the Governor and will apply to property tax years beginning after 2025. This change aims to provide more equitable tax benefits for married couples regarding property assessments in South Carolina.

Statutes affected:
12/05/2024: 12-43-220
Latest Version: 12-43-220