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Bill Number: 3778 Ratification Number: 447 Act Number 389 Introducing Body: House Subject: Homestead property tax exemption
(A389, R447, H3778)
AN ACT TO PROVIDE FOR THE APPLICATION OF THE HOMESTEAD PROPERTY TAX EXEMPTION TO A DWELLING WHEN LEGAL TITLE THERETO IS HELD BY A TRUSTEE AND THE DWELLING IS THE LEGAL RESIDENCE OF A PERSON SIXTY-FIVE YEARS OF AGE OR OLDER, OR TOTALLY AND PERMANENTLY DISABLED OR BLIND, PROVIDED SUCH PERSON HAS UNDER THE TERMS OF A TRUST THE USE OF THE DWELLING FOR LIFE.
Whereas, the General Assembly finds that many persons sixty-five years of age or older, or totally and permanently disabled or blind have the lifetime use of their legal residence under a trust agreement. Because the legal title to the dwelling is held by the trustee the property cannot qualify for the homestead exemption as provided by Section 12-37-250 of the 1976 Code. Failure to qualify for such exemption imposes burdens upon those persons that would not exist if the dwellings were owned by such persons in fee or for life; and
Whereas, the General Assembly Further finds that such dwellings should be exempt from taxation to the extent and under the same conditions as dwellings when owned in fee or for life by persons sixty-five years of age or older, or totally and permanently disabled or blind. Now, therefore,
Be it enacted by the General Assembly of the State of South Carolina:
Trustee to make application for homestead exemption
Section 1. When a trustee holds legal title to a dwelling that is the legal residence of a person sixty-five years of age or older, or totally and permanently disabled or blind, and such person possesses the use of the dwelling for life, the dwelling shall be exempt from property taxation in the amount and manner as dwellings are exempt under Section 12-37-250 of the 1976 Code (homestead exemption); provided, that such person meets the other conditions required for such exemption. The trustee shall annually make application to the county auditor for the exemption.
Comptroller General to reimburse taxing entity
Section 2. The Comptroller General shall reimburse the taxing entity for the taxes not collected by reason of the exemption in the same manner and under the same conditions as provided for such exemption by Section 12-37-250 of the 1976 Code.
Section 3. This act upon approval by the Governor shall be effective for the tax year beginning January 1, 1980, and each year thereafter.