Significant changes to property tax relief for South Carolina seniors moved closer to reality this week as state senators advanced a bill that would substantially alter the state’s longstanding homestead tax exemption.
The current system, which has remained largely unchanged for decades, provides a $50,000 reduction in a home’s appraised value for property tax purposes. To qualify under existing law, a homeowner must be at least 65 years old and have occupied the property for a minimum of one year.
Shifting Proposals and New Requirements
The legislative journey for the update has seen notable shifts in strategy. Initial versions of the proposal sought to broaden the pool of eligible residents by lowering the qualifying age to 60 and doubling the exemption value to $100,000.
However, during a recent Finance Committee session, Sen. Greg Hembree of Horry County introduced a pivotal amendment that refocused the bill’s scope. The revised version keeps the eligibility age at 65 but triples the exemption amount, potentially shielding $150,000 of a home’s value from taxation.
To balance the increased financial relief, the committee added a stricter residency requirement. Under the new language, future applicants must have owned and lived in their home for at least five years before becoming eligible for the benefit.
Comparison of Current Law vs. Proposed Amendment
| Feature | Current Law | Proposed Amendment |
| Exemption Amount | $50,000 | $150,000 |
| Qualifying Age | 65 | 65 |
| Ownership Requirement | 1 Year | 5 Years |
Next Steps
The measure is now headed to the full Senate floor. If passed, the bill would represent a significant adjustment to senior property tax policy in South Carolina, aimed at helping long-term residents manage rising property valuations.
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