A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-37-220, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO PROVIDE FOR CERTAIN PROPERTY TAX EXEMPTIONS FOR ONE PERSONAL MOTOR VEHICLE FOR INDIVIDUALS OVER SIXTY-FIVE YEARS OF AGE.

 

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) to the extent not otherwise exempt, one hundred percent of the fair market value of one personal motor vehicle of an individual who has reached the age of seventy years on or before December thirty-first and fifty percent of the fair market value of one personal motor vehicle of an individual who has reached the age of sixty-five years on or before December thirty-first.

           (b) An individual is eligible for the exemption provided for in this item if he:

               (i) has paid South Carolina motor vehicle property taxes on one or more personal motor vehicles for a cumulative period of no less than five years, whether consecutively or nonconsecutively; and

               (ii) has paid such motor vehicle property taxes at the full applicable tax rate for the required five-year period, without receiving any age-based, disability-based, or other partial or full exemptions or reductions during that period.

           (c) The exemption authorized by this item:

               (i) applies to one personal motor vehicle per taxpayer;

               (ii) applies regardless of whether the vehicle is owned or leased;

               (iii) is not subject to income limitations or means testing;

               (iv) does not transfer upon sale, conveyance, or replacement of the vehicle; and

               (v) must be claimed in the manner prescribed by the department.

 

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

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