The bill H. 3841 aims to amend the South Carolina Code of Laws regarding property tax assessment ratios and exemptions. Specifically, it modifies Section 12-43-220 to ensure that properties receiving a four percent assessment ratio will maintain that rate under certain conditions after the owner's death. The new provision states that the special assessment rate will continue until the decedent's estate is closed, a deed is recorded, or after December 31 of the year following the owner's death, whichever comes first. However, this continuation does 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 also persist after the owner's death under similar conditions. The exemptions will remain in effect until the estate is closed, a deed is recorded, or after December 31 of the year following the death, unless the property becomes ineligible for the exemption for reasons unrelated to the owner's death. This legislation is set to take effect upon the Governor's approval and will apply to property tax years beginning after 2024.

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