The bill S. 223 proposes amendments to the South Carolina Code of Laws regarding the Homestead Property Tax Exemption for individuals who are over the age of sixty-five, disabled, or legally blind. Specifically, it 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 is intended 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 amendments will take effect upon approval by the Governor and will first apply to property tax years beginning after 2024. This legislative change aims to enhance the benefits available to senior citizens and individuals with disabilities, thereby supporting their financial well-being.

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