The bill H. 3803 proposes significant changes to South Carolina's property tax regulations, primarily by allowing political subdivisions to override the annual property tax millage increase cap with a simple majority vote instead of the current supermajority requirement. It aims to restore funding for the residential property tax exemption and ensure full funding for school-operating millage reimbursements related to the homestead property tax exemption for the elderly or disabled. The bill also seeks to delete certain exemptions from the homestead exemption fund and make conforming amendments to various sections concerning property tax assessments and exemptions.

Additionally, H. 3803 repeals several articles related to local option sales and use tax for property tax credits and the homestead exemption trust fund, while reinstating a former valuation system for real property that eliminates the "point of sale" method. It outlines conditions for millage rate increases, particularly for fire districts and mental health services, which require voter approval through referendums. The bill introduces new definitions and clarifications regarding property tax value and assessable transfers of interest, with provisions for tax exemptions and reimbursements taking effect for tax years beginning after 2024, and certain amendments effective from July 1, 2025. Importantly, it ensures that changes do not affect pending actions or rights under previous laws, maintaining legal continuity.

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