The bill H. 5014 proposes an amendment to Section 12-37-220 of the South Carolina Code of Laws, specifically addressing property tax exemptions for personal motor vehicles owned by individuals aged sixty-five and older. The new provisions stipulate that individuals who are seventy years old or older are eligible for a one hundred percent exemption on the fair market value of one personal motor vehicle, while those aged sixty-five to sixty-nine are eligible for a fifty percent exemption. To qualify for this exemption, individuals must have paid South Carolina motor vehicle property taxes for at least five years at the full applicable tax rate, without receiving any other exemptions during that time.

Additionally, the bill outlines specific conditions for the exemption, including that it applies to one vehicle per taxpayer, regardless of ownership or leasing status, and is not subject to income limitations. The exemption does not transfer if the vehicle is sold or replaced and must be claimed according to the procedures set by the department. The act will take effect upon the Governor's approval and will first apply to property tax years following 2025.

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