South Carolina H 5016: Retirement system

Bill Text

2025-2026 Bill 5016 Text of Previous Version (Jan. 27, 2026) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 5016

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS 
BY AMENDING SECTION 12-37-220, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO 
PROVIDE FOR CERTAIN PROPERTY TAX EXEMPTIONS FOR INDIVIDUALS OVER THE AGE OF 
SEVENTY.

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

SECTION 1. Section 12-37-220(B) of the 
S.C. Code is amended by adding:

 (54)(a) to the extent not 
already exempt pursuant to Section 12-37-250, one hundred percent of the fair 
market value of the primary residence of an individual who has reached the age 
of eighty-five years on or before December thirty-first, seventy-five percent 
of the fair market value of the primary residence of an individual who has 
reached the age of eighty years on or before December thirty-first, fifty 
percent of the fair market value of the primary residence of an individual who 
has reached the age of seventy-five years on or before December thirty-first, 
and twenty-five percent of the fair market value of a primary residence of an 
individual who has reached the age of seventy years on or before December 
thirty-first.

 (b) An individual is eligible for the 
exemption provided for in this item if he:

 (i) has paid South Carolina property 
taxes on one or more owner-occupied primary residences for a cumulative period 
of no less than five years, whether consecutively or nonconsecutively; and

 (ii) has paid South Carolina property 
taxes for the required five-year period at the primary residence tax rate 
applicable at the time the taxes were assessed, without receiving any age-based 
or disability-based property tax exemptions or reductions during that period.

 (c) An individual is not considered to 
have satisfied the five-year requirement until five full years of property 
taxes have been paid at the primary residence tax rate only for one property 
per year. Years in which a reduced, capped, or exempted rate applied do not 
count toward satisfaction of the requirement.

 (d) A surviving spouse of an 
individual who qualified for the exemption allowed pursuant to this item may 
continue to receive the same exemption if the surviving spouse:

 (i) was married to the qualifying 
taxpayer at the time of death;

 (ii) occupies the property as his 
primary residence; and

 (iii) has not remarried.

 (e) The department shall reimburse each 
county treasurer for revenue losses attributable to the exemption provided in this 
item in the same manner as provided for in Section 12-37-270.

 (f) The department may promulgate 
regulations and require documentation necessary to verify:

 (i) age eligibility;

 (ii) legal residence qualification; 
and

 (iii) cumulative payment of South 
Carolina property taxes for the required five-year period.

SECTION 
2. This act takes effect upon approval by the Governor and first applies to 
property tax years after 2025.

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This web page was last updated on January 27, 2026 at 10:14 AM