The "Tenant Protection Act of 2025" aims to amend the South Carolina Code of Laws by introducing a new property tax exemption for certain real properties following an assessable transfer of interest. Specifically, the bill adds Section 12-37-3137, which allows for a property tax exemption that limits the increase in property tax value to no more than 110% of the property's tax value. This exemption applies to properties subject to a specific six percent assessment ratio and is calculated based on the exemption value at the time the fair market value first applies.

Additionally, the bill stipulates that property owners or their agents must notify the county assessor of their election to claim this exemption before January 31st for the applicable tax year. This notification is only required once while the property remains under the specified assessment ratio. The act will take effect upon the Governor's approval and will first apply to property tax years beginning after 2024.

Statutes affected:
02/11/2025: 12-37-3137
Latest Version: 12-37-3137