Exempts all property from property tax in South Carolina, with reimbursement to political subdivisions.

This bill amends the South Carolina Code to exempt all property from property tax, except for millage imposed for the repayment of general obligation debt. The exemption applies to property tax years beginning after 2024. The revenue loss from this exemption must be reimbursed annually to political subdivisions, including school districts, in an amount equal to the property taxes collected in 2024. The reimbursement amount remains fixed in succeeding years.

Exempts all property from property tax in South Carolina, with reimbursement to political subdivisions.

This bill amends the South Carolina Code to exempt all property from property tax, except for millage imposed for the repayment of general obligation debt. The exemption applies to property tax years beginning after 2024. The revenue loss from this exemption must be reimbursed annually to political subdivisions, including school districts, in an amount equal to the property taxes collected in 2024. The reimbursement amount remains fixed in succeeding years.