South Carolina H 3378: Watercraft and outboard motors, abandonment

Bill Text

2025-2026 Bill 3378 Text of Previous Version (Dec. 06, 2024) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 3378

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 12-37-2120, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT ALL 
PROPERTY FROM TAXATION AND PROVIDE A DOLLAR-FOR-DOLLAR REIMBURSEMENT TO 
POLITICAL SUBDIVISIONS.

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

SECTION 1. Section 12-37-2120(B) of the S.C. Code is amended by 
adding:

 (54)(a) Effective for property tax years 
beginning after 2024 and to the extent not already exempt, one hundred percent 
of the property tax value of all property is exempt from all property taxes 
except for millage imposed for the repayment of general obligation debt.

 (b) 
Notwithstanding any other provision of law, property exempted from property tax 
in the manner provided in this item is considered taxable property for purposes 
of bonded indebtedness pursuant to Section 15, Article X of the Constitution of 
this State.

 (c) 
Each year, the revenue loss resulting from the exemption allowed by this item 
must be reimbursed and allocated to the political subdivisions of this State, 
including school districts, in an amount equal to the amount of property taxes 
collected in property tax year 2024 on such property. The reimbursement amount 
is fixed at that amount and continues into succeeding years at that fixed 
amount.

SECTION 2. This act takes effect upon approval 
by the Governor.

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This web page was last updated on December 06, 2024 at 11:57 AM