The bill S. 768 proposes amendments to the South Carolina Code of Laws regarding the homestead exemption. It aims to increase the exemption amount from fifty thousand dollars to one hundred thousand dollars and lowers the age eligibility for the exemption from sixty-five years to sixty years. The bill also includes conforming changes to several sections related to the homestead exemption, specifically Sections 12-37-266, 12-37-280, and 12-37-290, which align with the new exemption amount and age criteria. Additionally, it repeals Section 12-37-245, which is related to the homestead exemption.

The bill outlines the eligibility requirements for the homestead exemption, which include being a resident of South Carolina for at least one year and meeting specific criteria related to age, disability, or legal blindness. It also details the application process for the exemption, including deadlines and the necessary documentation. The changes are intended to provide greater tax relief to eligible residents and will take effect upon approval by the Governor, applying to property tax years beginning after 2025.

Statutes affected:
01/13/2026: 12-37-250, 12-37-266, 12-37-280, 12-37-290, 12-37-220, 11-11-150, 12-37-245
Latest Version: 12-37-250, 12-37-266, 12-37-280, 12-37-290, 12-37-220, 11-11-150, 12-37-245