08/17/2026
🚨 UPDATE for South Carolina homeowners 65+!
The South Carolina General Assembly has now approved an increase in the Homestead Exemption from $50,000 to $75,000 as part of the state's new budget.
🏡 So what exactly is the Homestead Exemption?
For qualifying homeowners, South Carolina currently exempts the first $50,000 of the fair market value of your primary residence from certain property taxes.
Under the newly approved budget, that would increase to $75,000 — meaning an additional $25,000 of your home's value would be exempt when calculating those property taxes.
Example:
If your primary residence has a fair market value of $300,000, instead of the Homestead Exemption applying to the first $50,000 of value, it would apply to the first $75,000.
That can mean additional property tax savings each year, although the exact savings will depend on your local tax rates.
👉 Who can qualify?
Generally, you must own and occupy the home as your legal residence, have been a South Carolina resident for at least one year, and be 65 or older, totally and permanently disabled, or legally blind.
There was also a separate proposal this year to increase the exemption even further — to $150,000 — but that legislation did not advance through the House.
Personally, I'd love to see our lawmakers continue working toward that $150,000 exemption. With home values and the cost of living continuing to rise, I think providing additional property tax relief to our older homeowners is a conversation worth continuing.
For now, moving from $50,000 to $75,000 is certainly a step in the right direction. 👏
I'll continue watching this one and will keep you updated as we learn more. 🏡