The bill H. 3841 aims to amend the South Carolina Code of Laws regarding property tax assessments and exemptions in the event of an owner's death. Specifically, it modifies Section 12-43-220 to ensure that properties receiving a four percent assessment ratio will maintain that rate after the owner's death until the decedent's estate is closed, a deed is recorded, or until December 31 of the year following the death, whichever comes first. This provision will not apply if the property is rented for more than seventy-two days in the year of death or if there is a change in use.

Additionally, the bill introduces Section 12-37-460, which stipulates that property tax exemptions will continue for real property after the owner's death under similar conditions as outlined for assessment ratios. The exemptions will remain in effect until the estate is closed, a deed is recorded, or until December 31 of the year following the death, unless the property becomes ineligible for the exemption for reasons unrelated to the owner's death. The act will take effect upon the Governor's approval and will apply to property tax years starting after 2024.

Statutes affected:
01/30/2025: 12-43-220, 12-37-460
04/03/2025: 12-43-220, 12-37-460
04/08/2025: 12-43-220, 12-37-460
Latest Version: 12-43-220, 12-37-460