If enacted, HB 3374 would have significant implications for property tax laws in South Carolina, particularly affecting elderly and disabled residents. Those individuals would now be required to establish longer residency before qualifying for the exemption, potentially increasing their tax liability in the short term. This shift could disproportionately affect newer residents or those who relocate for various reasons, including employment or family needs, thus impacting their financial situation and property ownership capabilities.
Summary
House Bill 3374 seeks to amend Section 12-37-250 of the South Carolina Code of Laws, specifically regarding the homestead exemption for the elderly and disabled. The primary change proposed by this bill is to increase the residency requirement for individuals seeking the homestead exemption from one year to five years. This bill aims to ensure that only long-term residents of South Carolina can benefit from certain property tax exemptions, which are currently available to those who have lived in the state for just one year prior to claiming this exemption.
Contention
The proposed bill has sparked debate among lawmakers and stakeholders. Supporters argue that the longer residency requirement will enhance the integrity of the exemption system and prevent abuse by individuals who might hastily relocate for temporary benefits. On the other hand, opponents believe this amendment could unfairly penalize vulnerable populations, particularly the elderly and disabled, who may relocate for necessary reasons such as improved healthcare or familial support. The discussions surrounding HB 3374 reflect broader concerns about how legislation can impact the socio-economic landscape for specific groups within the community.