South Carolina S0950 amends tax law to exclude transfers of heirs' property to qualified family members from being assessable transfers of interest.

South Carolina S0950 amends the South Carolina Code to exclude transfers of heirs' property to qualified family members from being assessable transfers of interest. This applies to transfers made to clear the title of the property, provided the transfer is between qualified family members and both parties owned an interest in the property before the transfer. Once the title is cleared, the property is no longer considered heirs' property and is not eligible for this exclusion. The act takes effect upon approval by the Governor and applies to property tax years beginning after 2025.

South Carolina S0950 amends tax law to exclude transfers of heirs' property to qualified family members from being assessable transfers of interest.

South Carolina S0950 amends the South Carolina Code to exclude transfers of heirs' property to qualified family members from being assessable transfers of interest. This applies to transfers made to clear the title of the property, provided the transfer is between qualified family members and both parties owned an interest in the property before the transfer. Once the title is cleared, the property is no longer considered heirs' property and is not eligible for this exclusion. The act takes effect upon approval by the Governor and applies to property tax years beginning after 2025.