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TO AMEND SECTION 12-37-250, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE HOMESTEAD PROPERTY TAX EXEMPTION FOR PERSONS OVER THE AGE OF SIXTY-FIVE YEARS, PERSONS WHO ARE TOTALLY AND PERMANENTLY DISABLED, AND PERSONS WHO ARE LEGALLY BLIND, SO AS TO INCREASE THE AMOUNT OF FAIR MARKET VALUE OF THE DWELLING THAT IS EXEMPT FROM PROPERTY TAX FROM FIFTY TO ONE HUNDRED THOUSAND DOLLARS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-250(A)(1) of the 1976 Code, as last amended by Act 386 of 2006, is further amended to read:
"(1) The first fifty one hundred thousand dollars of the fair market value of the dwelling place of a person is exempt from county, municipal, school, and special assessment real estate property taxes when the person:
(i) has been a resident of this State for at least one year and has reached the age of sixty-five years on or before December thirty-first;
(ii) has been classified as totally and permanently disabled by a state or federal agency having the function of classifying persons; or
(iii) is legally blind as defined in Section 43-25-20, preceding the tax year in which the exemption is claimed and holds complete fee simple title or a life estate to the dwelling place. A person claiming to be totally and permanently disabled, but who has not been classified by one of the agencies, may apply to the state agency of Vocational Rehabilitation. The agency shall make an evaluation of the person using its own standards."
SECTION 2. This act takes effect upon approval by the Governor and applies for property tax years beginning after 2007.
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