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SC H5011

Bill

Official Source

Status

Introduced

1/22/2026

Primary Sponsor

William Herbkersman

Click for details

Origin

House of Representatives

126th General Assembly

AI Summary

  • Creates a property tax exemption that caps assessed property value increases at 110% of the prior property tax value when a property undergoes an assessable transfer of interest (such as a sale)
  • Applies to all real property currently subject to property tax that transfers ownership after 2025
  • Requires property owners to elect this exemption as an alternative to the existing exemption under Section 12-37-3135
  • Owners must notify the county assessor of their election before January 31st of the tax year they first claim eligibility
  • Takes effect upon Governor's approval and applies to property tax years beginning after 2025

Legislative Description

Tenant Protection Act of 2026

Last Action

Referred to Committee on Ways and Means

1/22/2026

Committee Referrals

Ways and Means1/22/2026

Full Bill Text

No bill text available