A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS SO AS TO ENACT THE "TENANT PROTECTION ACT OF 2025" BY ADDING SECTION 12-37-3137 SO AS TO PROVIDE A PROPERTY TAX EXEMPTION LIMITING THE INCREASE IN PROPERTY TAX VALUE FOLLOWING AN ASSESSABLE TRANSFER OF INTEREST WHEN THE PROPERTY WILL BE SUBJECT TO A CERTAIN SIX PERCENT ASSESSMENT RATIO.

 

Be it enacted by the General Assembly of the State of South Carolina:

 

SECTION 1.  This act may be cited as the "Tenant Protection Act of 2025."

 

SECTION 2.  Article 25, Chapter 37, Title 12 of the S.C. Code is amended by adding:

 

    Section 12-37-3137.  (A)(1) When a parcel of real property and any improvements thereon which is subject to the assessment ratio provided in Section 12-43-220(c) or (e) and which is currently subject to property tax undergoes an assessable transfer of interest after 2024, there is allowed an exemption from property tax an amount sufficient so that the exemption value does not exceed one hundred and ten percent of the property tax value. Calculation of property tax value for such parcels is based on exemption value. The exemption allowed by this section applies at the time the ATI fair market value first applies.

       (2) For purposes of this section, exemption value, property tax value, and ATI fair market value have the same meaning as provided in Section 12-37-3135.

    (B) A taxpayer may elect to claim the exemption allowed by this section instead of the exemption allowed pursuant to Section 12-37-3135. The exemption allowed by this section does not apply unless the owner of the property, or the owner's agent, notifies the county assessor of the election to claim the exemption and that the property will be subject to the assessment ratio provided pursuant to Section 12-43-220(e) before January thirty-first for the tax year for which the owner first claims eligibility for the exemption. No further notifications are necessary from the current owner while the property remains subject to the assessment ratio provided pursuant to Section 12-43-220(e).

 

SECTION 3.  This act takes effect upon approval by the Governor and first applies to property tax years beginning after 2024.

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