A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-37-250, RELATING TO HOMESTEAD EXEMPTION FOR TAXPAYERS SIXTY-FIVE YEARS OF AGE AND OVER OR THOSE TOTALLY AND PERMANENTLY DISABLED OR LEGALLY BLIND, SO AS TO PROVIDE THAT THE HOMESTEAD EXEMPTION DOES NOT APPLY TO CERTAIN MILLAGE IMPOSED FOR SERVICING THE GENERAL OBLIGATION DEBT OF A SCHOOL DISTRICT.

 

Be it enacted by the General Assembly of the State of South Carolina:

 

SECTION 1.  Section 12-37-250 of the S.C. Code is amended by adding:

 

    (K)(1) Notwithstanding the maximum fair market value of a dwelling allowed pursuant to subsection (A), the homestead property tax exemption does not apply to millage imposed for servicing the general obligation debt of a school district secured in whole or in part by the full faith and credit of the school district. The exemption from such general obligation school debt property tax millage imposed applies to one hundred percent of the fair market value of the dwelling.

       (2) The reimbursement provisions of Section 12-37-270 do not apply to that portion of the school debt service millage above the maximum fair market limit provided in subsection (A).

 

SECTION 2.  This act takes effect upon approval by the Governor and first applies for homestead exemptions for property tax years beginning after 2026.

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