Current Status Bill Number:3725 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19950302 Primary Sponsor:Moody-Lawrence, All Sponsors:Moody-Lawrence, Cave, Inabinett, Govan, Scott, Byrd, White, Neal and Lloyd Drafted Document Number:JIC\5469HTC.95 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax exemptions, homestead exemption
Body Date Action Description Com Leg Involved
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House 19950302 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO ALLOW AN ADDITIONAL HOMESTEAD EXEMPTION EQUAL TO ONE HUNDRED FIFTY THOUSAND DOLLARS OF FAIR MARKET VALUE OF THE HOMESTEAD FOR AN OWNER WHO HAS ATTAINED AGE SEVENTY BEFORE THE APPLICABLE TAX YEAR.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B) of the 1976 Code is amended by adding an appropriately numbered item to read:
"( ) In addition to the homestead exemption allowed pursuant to Section 12-37-250, a person who receives that exemption who has attained the age of seventy years before the current property tax year is allowed an additional exemption on the same property equal to one hundred fifty thousand dollars of fair market value. The exemption allowed by this item extends to a surviving spouse in the same manner provided in Section 12-37-250 for the homestead exemption."
SECTION 2. Upon approval by the Governor, this act is effective for property tax years beginning after 1994.