The bill H. 3803 proposes significant amendments to the South Carolina Code of Laws regarding property tax regulations. A key change is the restoration of the ability for political subdivisions to override the annual property tax millage increase cap with a simple majority vote, replacing the current supermajority requirement. The bill also aims to restore funding for the residential property tax exemption and ensure full funding for school-operating millage reimbursements to local governments for the homestead property tax exemption for the elderly or disabled. Additionally, it seeks to eliminate certain exemptions related to the homestead exemption trust fund and local option sales tax for property tax credits.

Further provisions in the bill include a shift from the "point of sale" valuation system to a traditional appraisal method for real property, as well as requirements for property tax notices to include property tax values. It introduces a property tax exemption for all properties within a taxing district, excluding taxes for bonded indebtedness and lease purchase agreements. The bill also allows school districts with operating millage below 1995 levels to request tax relief based on those levels, with the Department of Revenue certifying compliance. Reimbursements for lost revenue due to the homestead exemption are mandated from the Trust Fund for Tax Relief, and the bill outlines new guidelines for determining fair market value and limits on appraisal increases. The provisions are set to take effect for tax years beginning after 2024, with conditions for potential repeal of the South Carolina Real Property Valuation Reform Act if constitutional amendments are ratified.

Statutes affected:
01/28/2025: 11-11-150, 12-37-220, 12-37-270, 12-37-251, 11-11-157, 12-37-3130, 12-60-30, 12-60-2510, 12-43-220
Latest Version: 11-11-150, 12-37-220, 12-37-270, 12-37-251, 11-11-157, 12-37-3130, 12-60-30, 12-60-2510, 12-43-220