The bill H. 5016 proposes amendments to Section 12-37-220 of the South Carolina Code of Laws, specifically addressing property tax exemptions for individuals aged seventy and older. It introduces a tiered exemption system based on age, providing a one hundred percent exemption for those aged eighty-five and older, seventy-five percent for those aged eighty, fifty percent for those aged seventy-five, and twenty-five percent for those aged seventy. To qualify for these exemptions, individuals must have paid property taxes on their primary residence for at least five years without receiving any age-based or disability-based exemptions during that time. Additionally, the bill allows surviving spouses of qualifying individuals to continue receiving the exemption under certain conditions.

The bill also includes provisions for the South Carolina Department of Revenue to reimburse county treasurers for revenue losses due to these exemptions and grants the department the authority to establish regulations for verifying eligibility. The act will take effect upon approval by the Governor and will apply to property tax years following 2025.

Statutes affected:
01/27/2026: 12-37-220
Latest Version: 12-37-220