H 5011

South Carolina General Assembly
126th Session, 2025-2026
Bill 5011
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 2026" 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.
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 2026."
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 currently subject to
property tax undergoes an assessable transfer of interest after 2025, 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
before January thirty-first for the tax year for which the owner first claims
eligibility for the exemption. No further notifications to claim the exemption are
necessary from the current owner.
SECTION 3.  This act takes effect upon approval
by the Governor and first applies to property tax years beginning after 2025.
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This web page was last updated on January 22, 2026 at 10:48 AM