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 aims to provide more equitable tax benefits to married couples regarding property taxes.

Specifically, the bill modifies the existing language in subsection (c)(2)(ii)(B) to clarify that neither the taxpayer nor any member of their household, except for their spouse, can claim the special assessment ratio 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.

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