Homestead Act in South Carolina
The Homestead Act in South Carolina provides a property tax exemption to eligible homeowners. This exemption reduces the amount of property taxes owed on the first $50,000 of the fair market value of the homeowner’s primary residence [1].
Eligibility
To qualify for the Homestead Exemption, homeowners must meet the following criteria [2]:
Key Facts
- Eligibility: To qualify for the Homestead Exemption in South Carolina, you must meet the following criteria[2]:
- Hold complete fee simple title, life estate, or be the beneficiary of a trust that holds title to your primary legal residence.
- Have resided in South Carolina as your permanent home and legal residence for a full calendar year.
- Be at least 65 years of age, declared totally and permanently disabled by a state or federal agency, or legally blind as certified by a licensed ophthalmologist.
- Exemption Amount: The Homestead Exemption provides a complete exemption of taxes on the first $50,000 in Fair Market Value of your Legal Residence for eligible homeowners.
- Application Process: To apply for the Homestead Exemption, you need to contact the County Auditor’s Office in your home county[2]. They will provide you with the necessary application information and assistance.
- Required Documents: When applying for the Homestead Exemption, you may need to provide certain documents as proof of eligibility[2]. Some common documents include:
- Birth certificate or South Carolina Driver’s License for age-related eligibility.
- Documentation from a state or federal agency certifying disability for disability-related eligibility.
- Documentation from a licensed ophthalmologist for blindness-related eligibility.
- Copy of the trust agreement if you are the income beneficiary of a trust.
- Surviving Spouse Benefit: The surviving spouse of a qualified Homestead recipient may also receive the benefit if certain conditions are met[2]. These conditions include obtaining complete fee simple title, life estate, or being the beneficiary of a trust that holds title to the legal residence within nine months after the death of the qualifying spouse, living in the home as the primary legal residence, and remaining unmarried.
- Hold complete fee simple title, life estate, or be the beneficiary of a trust that holds title to the primary legal residence.
- Have resided in South Carolina as a permanent home and legal residence for a full calendar year.
- Be at least 65 years of age, declared totally and permanently disabled by a state or federal agency, or legally blind as certified by a licensed ophthalmologist.
Exemption Amount
The Homestead Exemption provides a complete exemption of taxes on the first $50,000 in Fair Market Value of the Legal Residence for eligible homeowners [1].
Application Process
To apply for the Homestead Exemption, homeowners need to contact the County Auditor’s Office in their home county [2]. The County Auditor’s Office will provide the necessary application information and assistance.
Required Documents
When applying for the Homestead Exemption, homeowners may need to provide certain documents as proof of eligibility [2]. Some common documents include:
- Birth certificate or South Carolina Driver’s License for age-related eligibility.
- Documentation from a state or federal agency certifying disability for disability-related eligibility.
- Documentation from a licensed ophthalmologist for blindness-related eligibility.
- Copy of the trust agreement if the homeowner is the income beneficiary of a trust.
Surviving Spouse Benefit
The surviving spouse of a qualified Homestead recipient may also receive the benefit if certain conditions are met [2]. These conditions include obtaining complete fee simple title, life estate, or being the beneficiary of a trust that holds title to the legal residence within nine months after the death of the qualifying spouse, living in the home as the primary legal residence, and remaining unmarried.
Sources
[1] South Carolina Department of Revenue: https://dor.sc.gov/lgs/homestead-exemption
[2] Lexington County, South Carolina: https://lex-co.sc.gov/departments/assessor/tax-faqs/south-carolina-homestead-exemption-program
[3] South Carolina General Assembly: https://www.scstatehouse.gov/sess125_2023-2024/bills/3127.htm
FAQs
What is the Homestead Act?
The Homestead Act is a property tax exemption that reduces the amount of property taxes owed on the first $50,000 of the fair market value of a homeowner’s primary residence.
Who is eligible for the Homestead Exemption?
To be eligible for the Homestead Exemption, homeowners must:
* Hold complete fee simple title, life estate, or be the beneficiary of a trust that holds title to the primary legal residence.
* Have resided in South Carolina as a permanent home and legal residence for a full calendar year.
* Be at least 65 years of age, declared totally and permanently disabled by a state or federal agency, or legally blind as certified by a licensed ophthalmologist.
How do I apply for the Homestead Exemption?
To apply for the Homestead Exemption, homeowners need to contact the County Auditor’s Office in their home county. The County Auditor’s Office will provide the necessary application information and assistance.
What documents are required to apply for the Homestead Exemption?
When applying for the Homestead Exemption, homeowners may need to provide certain documents as proof of eligibility. Some common documents include:
* Birth certificate or South Carolina Driver’s License for age-related eligibility.
* Documentation from a state or federal agency certifying disability for disability-related eligibility.
* Documentation from a licensed ophthalmologist for blindness-related eligibility.
* Copy of the trust agreement if the homeowner is the income beneficiary of a trust.
Is there a surviving spouse benefit for the Homestead Exemption?
Yes, the surviving spouse of a qualified Homestead recipient may also receive the benefit if certain conditions are met. These conditions include obtaining complete fee simple title, life estate, or being the beneficiary of a trust that holds title to the legal residence within nine months after the death of the qualifying spouse, living in the home as the primary legal residence, and remaining unmarried.
How much is the Homestead Exemption?
The Homestead Exemption provides a complete exemption of taxes on the first $50,000 in Fair Market Value of the Legal Residence for eligible homeowners.
Is the Homestead Exemption available to renters?
No, the Homestead Exemption is only available to homeowners.