SOUTH CAROLINA REVENUE AND FISCAL AFFAIRS OFFICE
S
TATEMENT OF ESTIMATED FISCAL IMPACT
WWW.RFA.SC.GOV • (803)734-3793
This fiscal impact statement is produced in compliance with the South Carolina Code of Laws and House and Senate rules. The focus of
the analysis is on governmental expenditure and revenue impacts and may not provide a comprehensive summary of the legislation.
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H. 4071
Fiscal Impact Summary
This bill adds transfers made amongst related descendants who have legal claim to heirs'
property to clear the title of the heirs' property, whereby both the grantor and grantee owned an
interest in the property prior to the transfer, to the list of property transfers that are not an
assessable transfer of interest (ATI) for property tax purposes beginning in tax year 2025. When
a property undergoes an ATI, the property’s appraised value is updated to reflect the current
market value for property tax purposes. Without an ATI, a property’s appraised value for
property tax purposes may increase no more than 15 percent every five years.
Revenue and Fiscal Affairs (RFA) contacted all counties to determine the potential local fiscal
impact of this bill and received responses from the counties of Beaufort, Charleson, Florence,
and Horry. Beaufort County anticipates this bill will have no impact for the county. All other
responding counties anticipate this bill may have a minimal impact on local property tax
revenue. However, Horry notes that the impact could be more significant, depending upon the
definition of heirs’ property. Based on the responses received, RFA anticipates this bill may have
a minimal impact on property tax revenue statewide for the limited number of property transfers
that will no longer be considered an ATI for property tax purposes.
Explanation of Fiscal Impact
Introduced on February 20, 2025
State Expenditure
N/A
State Revenue
N/A
Local Expenditure
N/A
Local Revenue
This bill adds transfers made amongst related descendants who have legal claim to heirs'
property to clear the title of the heirs' property, whereby both the grantor and grantee owned an
interest in the property prior to the transfer, to the list of property transfers that are not an
Bill Number: H. 4071 Introduced on Februar
y 20, 2025
Subject: Heirs’ Propert y
Requestor: House Judiciary
RFA Analyst(s): Miller
Impact Date: April 7, 2025
__________________________________
Frank A. Rainwater, Executive Director
DISCLAIMER: THIS FISCAL IMPACT STATEMENT REPRESENTS THE OPINION AND INTERPRETATION OF THE
AGENCY OFFICIAL WHO APPROVED AND SIGNED THIS DOCUMENT. IT IS PROVIDED AS INFORMATION TO
THE GENERAL ASSEMBLY AND IS NOT TO BE CONSIDERED AS AN EXPRESSION OF LEGISLATIVE INTENT.
Page 2 of 2
H. 4071
assessable transfer of interest for property tax purposes. When a property undergoes an ATI, the
property’s appraised value is updated to market value for property tax purposes. Without an
ATI, a property’s appraised value for property tax purposes may increase no more than 15
percent every five years.
RFA contacted all counties to determine the potential local fiscal impact of this bill and received
responses from the counties of Beaufort, Charleson, Florence, and Horry. Beaufort County
anticipates this bill will have no impact for the county. Charleston County anticipates this bill
will have a minimal impact on local property taxes as most transfers of heirs’ property are
currently not considered an ATI pursuant to §12-37-3150(B)(15). This section currently excludes
a transfer of a fractional interest between family members for zero monetary consideration, or a
de minimis monetary consideration, whereby both the grantor and the grantee owned an interest
in the property prior to the transfer from those transactions considered an ATI. Florence County
anticipates this bill may have a minimal impact to property tax revenue. Horry County
anticipates this bill may have a minimal impact on property tax revenue, but notes that the
impact could be more significant, depending upon the definition of heirs’ property.
Based on the responses received, RFA anticipates this bill may have a minimal impact on
property tax revenue statewide based upon the limited number of property transfers that will no
longer be considered an ATI for property tax purposes.