SC S0768

Creates a new homestead exemption of $150,000 for residents who have lived in South Carolina for at least 10 property tax years and filed state income tax returns for at least 10 years, or for those who qualified for the existing exemption in 2025

Establishes a smaller $75,000 homestead exemption for residents meeting eligibility requirements who have been state residents for at least 5 property tax years and filed state income tax returns for at least 5 years

Prohibits claiming both the new exemption and the existing Section 12-37-250 homestead exemption simultaneously

Allows county governing bodies to increase the exemption amount by ordinance, but any additional tax relief beyond the statutory amount is not eligible for state reimbursement

Requires property tax notices to itemize homestead exemptions received and display "State Legislature Aiding in Saving Homes (SLASH)" notation showing the amount of property tax reduction and state reimbursement, effective for tax years beginning after 2025