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H 4994 - Increases the homestead property tax exemption

Tracking Level: Of Interest
Sponsor: Steven Long
Last Action: 1/21/2020 - House - Referred to Committee on Ways and Means
House Committee: WM
Assigned To:
Property TaxesNext Bill

Staff Analysis of the Legislation
Summary of the bill as introduced: Increases the homesthead property tax exemption from the first $50,000 to the first $100,000 of fair market value of the residence.

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Session 123 - (2019-2020)Printer Friendly
(pdf format)
H 4994 General Bill, By Long, Daning, Yow, Morgan, Burns, Chumley, Haddon, Stringer, Trantham, Magnuson, Henegan, Clyburn, Hosey, Bennett, Jones, Toole, McCravy, Forrest, Forrester, Gilliam, Hayes, Hiott, Kimmons, Lowe, Mace, D.C. Moss, Oremus and Spires
Summary: Homestead exemptions
    A BILL TO AMEND SECTION 12-37-250, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE HOMESTEAD PROPERTY TAX EXEMPTION ALLOWED FOR PERSONS WHO ARE OVER THE AGE OF SIXTY-FIVE YEARS, DISABLED, OR LEGALLY BLIND, SO AS TO INCREASE THE EXEMPTION AMOUNT FROM THE FIRST FIFTY THOUSAND DOLLARS TO THE FIRST ONE HUNDRED THOUSAND DOLLARS OF THE FAIR MARKET VALUE OF THE HOMESTEAD; AND TO REPEAL SECTION 12-37-245 RELATING TO AN OBSOLETE REFERENCE TO THE HOMESTEAD EXEMPTION.
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01/21/20House Introduced and read first time (House Journal-page 69)
01/21/20House Referred to Committee on Ways and Means (House Journal-page 69)


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