The bill H. 3511 proposes an amendment to the South Carolina Code of Laws, specifically Section 12-37-250, which pertains to the Homestead Property Tax Exemption for individuals over the age of sixty-five, disabled, or legally blind. The amendment 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 allowing a larger portion of their property value to be exempt from county, municipal, school, and special assessment real estate property taxes.

Additionally, the bill includes the repeal of Section 12-37-245, which contains an obsolete reference to the Homestead Exemption. The proposed changes will take effect upon approval by the Governor and will first apply to property tax years beginning after 2024. This legislation reflects an effort to enhance support for senior citizens and individuals with disabilities in South Carolina by adjusting tax exemptions to better meet their needs.

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