A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-37-220, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT A CERTAIN PERCENT OF THE FAIR MARKET OF AN OWNER-OCCUPIED RESIDENTIAL PROPERTY IF THE OWNER IS A VETERAN WITH A SERVICE-CONNECTED DISABILITY.

 

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

 

SECTION 1.  Section 12-37-220(B) of the S.C. Code is amended by adding:

 

    (54)(a) In addition to any other exemption, the fair market value of the owner-occupied residential property of a person is exempt from county, municipal, school, and special assessment real estate property taxes when the person is a veteran of the Armed Forces of the United States and has a service-connected disability. The percentage amount of the exemption that a person may claim must equal the percentage of the person's service-connected disability. To qualify for the exemption, the person must have a service-connected disability of at least ten percent.

           (b) The department may adopt rules and promulgate regulations necessary to administer the provisions of this section.  However, a surviving spouse may keep this exemption in the same manner as a surviving spouse may keep the exemption pursuant to Section 12-37-250, mutatis mutandis.

 

SECTION 2.  This act takes effect upon approval by the Governor and first applies to property tax years beginning after 2025.

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