Current Status Bill Number:3081 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970114 Primary Sponsor:Moody-Lawrence All Sponsors:Moody-Lawrence and Altman Drafted Document Number:jic\5177htc.97 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax exemption, homestead exemption for seventy or older, aging
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19970114 Introduced, read first time, 30 HWM
referred to Committee
House 19961218 Prefiled, referred to Committee 30 HWM
View additional legislative information at the LPITS web site.
TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO ALLOW AN ADDITIONAL HOMESTEAD EXEMPTION EQUAL TO ONE HUNDRED FIFTY THOUSAND DOLLARS OF FAIR MARKET VALUE OF THE HOMESTEAD FOR AN OWNER WHO HAS ATTAINED AGE SEVENTY BEFORE THE APPLICABLE TAX YEAR.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B) of the 1976 Code is amended by adding an appropriately numbered item to read:
"( ) In addition to the homestead exemption allowed pursuant to Section 12-37-250, a person who receives that exemption who has attained the age of seventy years before the current property tax year is allowed an additional exemption on the same property equal to one hundred fifty thousand dollars of fair market value. The exemption allowed by this item extends to a surviving spouse in the same manner provided in Section 12-37-250 for the homestead exemption."
SECTION 2. Upon approval by the Governor, this act is effective for property tax years beginning after 1996.