The bill S. 950 aims to amend Section 12-37-3150 of the South Carolina Code of Laws to provide specific exclusions for transfers of heirs' property. It introduces a new provision that states transfers made to qualified family members, who have a legal claim to heirs' property, will not be considered an assessable transfer of interest if the transfer is intended to clear the title of the property. The bill defines "heirs' property" as real property owned by individuals as tenants in common, inherited without a formal probate or recorded conveyance, and outlines who qualifies as a "qualified family member."

Additionally, the bill stipulates that a partition of heirs' property does not disqualify the resulting parcels from this exclusion, provided that the qualified family members submit affidavits to the county assessor certifying the property's status and the nature of the transfer. Once the title is cleared, the property will no longer be classified as heirs' property and will not be eligible for the exclusion. This act will take effect upon the Governor's approval and will apply to property tax years beginning after 2025.

Statutes affected:
02/24/2026: 12-37-3150
Latest Version: 12-37-3150