South Carolina H 3951: Tenant Protection Act of 2025

Bill Text

2025-2026 Bill 3951 Text of Previous Version (Feb. 11, 2025) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 3951

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 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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This web page was last updated on February 11, 2025 at 12:59 PM