The "Tenant Protection Act of 2026" aims to amend the South Carolina Code of Laws by introducing a new property tax exemption for real property that undergoes an assessable transfer of interest after 2025. 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 one hundred and ten percent of the property's tax value. This exemption is calculated based on the exemption value at the time the fair market value applies, and it aligns with definitions provided in Section 12-37-3135.

Additionally, the bill permits taxpayers to choose this new exemption over the existing one outlined in Section 12-37-3135, provided they notify the county assessor of their election by January 31st for the applicable tax year. Once the exemption is claimed, no further notifications are required from the current property owner. The act will take effect upon the Governor's approval and will apply to property tax years starting after 2025.

Statutes affected:
01/22/2026: 12-37-3137
Latest Version: 12-37-3137