Increases property tax exemption for seniors, disabled, and blind in South Carolina.

The bill amends South Carolina's property tax laws to increase the exemption for seniors aged 65 and older, the disabled, and the legally blind. It raises the exemption amount from $50,000 to $1,000,000 of the fair market value of their homestead. Additionally, it imposes a 0.32% sales, use, and casual excise tax to fund this relief, excluding certain items like accommodations for transients and unprepared food. The tax revenue will be credited to the Trust Fund for Tax Relief. The changes take effect upon approval by the Governor and apply to tax years beginning after 2024.

Increases property tax exemption for seniors, disabled, and blind in South Carolina.

The bill amends South Carolina's property tax laws to increase the exemption for seniors aged 65 and older, the disabled, and the legally blind. It raises the exemption amount from $50,000 to $1,000,000 of the fair market value of their homestead. Additionally, it imposes a 0.32% sales, use, and casual excise tax to fund this relief, excluding certain items like accommodations for transients and unprepared food. The tax revenue will be credited to the Trust Fund for Tax Relief. The changes take effect upon approval by the Governor and apply to tax years beginning after 2024.