Adjusts property tax exemption for certain South Carolina residents over 65 or disabled or legally blind.

The bill amends the South Carolina Code to modify the homestead exemption for property taxes. It ensures that the exemption does not apply to certain millage imposed for servicing the general obligation debt of a school district. This change affects taxpayers who are 65 years of age or older, or totally and permanently disabled or legally blind. The exemption applies to 100% of the fair market value of the dwelling. The bill takes effect upon approval by the Governor and first applies for property tax years beginning after 2026.

Adjusts property tax exemption for certain South Carolina residents over 65 or disabled or legally blind.

The bill amends the South Carolina Code to modify the homestead exemption for property taxes. It ensures that the exemption does not apply to certain millage imposed for servicing the general obligation debt of a school district. This change affects taxpayers who are 65 years of age or older, or totally and permanently disabled or legally blind. The exemption applies to 100% of the fair market value of the dwelling. The bill takes effect upon approval by the Governor and first applies for property tax years beginning after 2026.