The bill H. 5249 aims to amend the South Carolina Code of Laws by adding Section 4-1-190, which prohibits counties from treating certain transfers of heirs' property as transfers that require reassessment to fair market value. The bill defines "heirs' property" as real property owned by multiple individuals as tenants in common, inherited from a relative without formal probate or recorded conveyance. It also outlines the definitions of "qualified family member" and "qualifying transfer," specifying that the latter must involve judicial actions aimed at clearing or consolidating title among family members.

Additionally, the bill stipulates that if heirs' property is partitioned through a qualifying transfer, each resulting parcel retains its assessed value as a pro rata share of the original parcel and maintains eligibility for any statutory caps on assessed value increases. To benefit from these provisions, qualified family members must submit an application to the county assessor, including an affidavit certifying the property's status as heirs' property and the nature of the transfer. The bill clarifies that once the title is cleared, the property will no longer be considered heirs' property and will not be eligible for the reassessment limitation. The act will take effect upon the Governor's approval and will apply to property tax years starting after 2025.

Statutes affected:
02/24/2026: 4-1-190
Latest Version: 4-1-190