Heirs' property transfers among qualified family members exempt from reassessment in South Carolina.

This bill amends the South Carolina Code to prohibit counties from reassessing property to fair market value when heirs' property transfers among qualified family members. Heirs' property is defined as real property owned by two or more individuals as tenants in common, inherited from a relative, and lacking formal probate or recorded conveyance. A qualifying transfer exempt from reassessment includes conveyances via judicial action or recorded instrument for clearing or consolidating title among qualified family members. The bill applies to property tax years beginning after 2025.

Heirs' property transfers among qualified family members exempt from reassessment in South Carolina.

This bill amends the South Carolina Code to prohibit counties from reassessing property to fair market value when heirs' property transfers among qualified family members. Heirs' property is defined as real property owned by two or more individuals as tenants in common, inherited from a relative, and lacking formal probate or recorded conveyance. A qualifying transfer exempt from reassessment includes conveyances via judicial action or recorded instrument for clearing or consolidating title among qualified family members. The bill applies to property tax years beginning after 2025.