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H 5264 - Sets a new amount for the homestead property tax exemption

Tracking Level: Of Interest
Sponsor: James Burns (R)
Last Action: 3/13/2024 - House - Referred to Committee on Ways and Means
House Committee:
Assigned To:
Property TaxesNext Bill

Staff Analysis of the Legislation
Summary of the bill as introduced: Sets a new amount for the homestead property tax exemption as the greater amount between the first $50,000 or the first 33% of the fair market value. 

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Session 125 - (2023-2024)Printer Friendly
(pdf format)
H 5264 General Bill, By Burns and W. Jones
Summary: Homestead exemption
    A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-37-250, 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 SET THE EXEMPTION AMOUNT AS THE GREATER OF THE FIRST FIFTY THOUSAND DOLLARS OR THE FIRST THIRTY-THREE PERCENT OF THE FAIR MARKET VALUE OF THE HOMESTEAD; AND BY REPEALING SECTION 12-37-245 RELATING TO AN OBSOLETE REFERENCE TO THE HOMESTEAD EXEMPTION.
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03/13/24House Introduced and read first time (House Journal-page 9)
03/13/24House Referred to Committee on Ways and Means (House Journal-page 9)


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