How can elder South Carolinians keep their homes? Property tax relief considered

To keep South Carolina seniors from losing their homes, state Senate leaders want to double a current property tax exemption and drop its age requirement to 60.

The proposed property tax relief would allow people 60 and older, rather than 65, to receive the homestead exemption. Disabled and blind people can also already use the exemption.

It would also bump the real estate property tax exemption from the first $50,000 in fair market value on a home to $100,000.

“I’ll just let you know that all the constituents I represent are talking about property taxes,” said state Sen. Shane Martin, R-Spartanburg. “And they’re talking about when they reach a certain age to be maybe retired that they don’t want to be taxed out of our homes. And I think we’re all of that opinion.”

The new exemption is backed by high-ranking Senators, including Senate Finance Committee chair Harvey Peeler, R-Cherokee, Senate President Thomas Alexander, R-Oconee, and Majority Leader Shane Massey, R-Edgefield.

“It’s well overdue,” said state Sen. Kent Williams, D-Marion, about the relief aimed at seniors.

Sallie McLeod, a government affairs specialist with the South Carolina Association of Counties, said county officials were in favor of the bill.

“Our county officials have actually been asking for an increase in the homestead exemption for years, and we appreciate the willingness to be able to take up this issue,” McLeod told lawmakers Tuesday.

The expanded exemption is expected to cost the state an additional $245 million, said Senate Finance staff Grant Gibson. Local governments and school districts are reimbursed for money lost from existing homestead exemptions, which will continue with the expansion.

The measure’s next step is the full Finance committee, which is slated to discuss the bill next week. It will face some challenges as Senators look to add guardrails against abuse and growth exacerbation.

Tax cuts will be a priority for some South Carolina lawmakers this year. A preliminary Senate panel also passed the House’s version of a gradual income tax cut Wednesday.