The bill H. 3742 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 seventy-five thousand dollars of the fair market value of the homestead. This change aims to provide greater financial relief to eligible residents by reducing their property tax burden.

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 apply to property tax years beginning after 2024. This legislation reflects a commitment to support vulnerable populations in South Carolina by enhancing their financial protections related to property taxes.

Statutes affected:
01/15/2025: 12-37-250, 12-37-245
Latest Version: 12-37-250, 12-37-245