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 for properties subject to a six percent assessment ratio. This exemption applies when the property undergoes an assessable transfer of interest after 2024 and is contingent upon the property owner notifying the county assessor of their election to claim the exemption.

Additionally, the bill clarifies that the terms "exemption value," "property tax value," and "ATI fair market value" will have the same definitions as provided in Section 12-37-3135. Property owners must notify the county assessor before January 31st of the tax year in which they first claim eligibility for the exemption, although no further notifications are required as long as the property remains under the specified assessment ratio. The act will take effect upon approval by the Governor and will first apply to property tax years beginning after 2024.

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