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 INDIVIDUALS OVER THE AGE OF SEVENTY.

 

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 already exempt pursuant to Section 12-37-250, one hundred percent of the fair market value of the primary residence of an individual who has reached the age of eighty-five years on or before December thirty-first, seventy-five percent of the fair market value of the primary residence of an individual who has reached the age of eighty years on or before December thirty-first, fifty percent of the fair market value of the primary residence of an individual who has reached the age of seventy-five years on or before December thirty-first, and twenty-five percent of the fair market value of a primary residence of an individual who has reached the age of seventy 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 property taxes on one or more owner-occupied primary residences for a cumulative period of no less than five years, whether consecutively or nonconsecutively; and

               (ii) has paid South Carolina property taxes for the required five-year period at the primary residence tax rate applicable at the time the taxes were assessed, without receiving any age-based or disability-based property tax exemptions or reductions during that period.

           (c) An individual is not considered to have satisfied the five-year requirement until five full years of property taxes have been paid at the primary residence tax rate only for one property per year. Years in which a reduced, capped, or exempted rate applied do not count toward satisfaction of the requirement.

           (d) A surviving spouse of an individual who qualified for the exemption allowed pursuant to this item may continue to receive the same exemption if the surviving spouse:

               (i) was married to the qualifying taxpayer at the time of death;

               (ii) occupies the property as his primary residence; and

               (iii) has not remarried.

           (e) The department shall reimburse each county treasurer for revenue losses attributable to the exemption provided in this item in the same manner as provided for in Section 12-37-270.

           (f) The department may promulgate regulations and require documentation necessary to verify:

               (i) age eligibility;

               (ii) legal residence qualification; and

               (iii) cumulative payment of South Carolina property taxes for the required five-year period.

 

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

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