The bill H. 4597 proposes amendments to Section 12-37-220 of the South Carolina Code of Laws, specifically addressing property tax exemptions for individuals aged sixty-five and older. The new provisions establish a tiered exemption system based on age, providing a full exemption of one hundred percent of the fair market value of the primary residence for individuals who are seventy years old or older. Additionally, the bill outlines varying percentages of exemption for those aged sixty-nine (eighty percent), sixty-eight (sixty percent), sixty-seven (forty percent), and sixty-six (twenty percent), all contingent upon reaching these ages by December thirty-first.

This legislation aims to alleviate the property tax burden on senior citizens, thereby promoting financial relief for older homeowners. The bill will take effect upon receiving approval from the Governor, enhancing the existing framework of property tax exemptions in South Carolina.

Statutes affected:
Latest Version: 12-37-220