The bill S. 317 proposes an amendment to the South Carolina Code of Laws, specifically Section 12-37-220, which pertains to property tax exemptions. The amendment introduces a new provision that grants a property tax exemption of fifty percent of the fair market value of watercraft, as defined in Section 50-23-5. This addition aims to provide financial relief to owners of watercraft by reducing their property tax burden.

The act is set to take effect on January 1, 2026, and will apply to property tax years beginning after 2026. This timeline allows for the implementation of the new exemption while ensuring that property owners are aware of the changes in advance.

Statutes affected:
02/05/2025: 12-37-220
Latest Version: 12-37-220