Under SC law, the property tax exemption available to homeowners who are 65 or older (or permanently disabled) applies to:
Correct Answer
B) The first $50,000 of the property's fair market value, exempting it from property taxes
Under SC Code § 12-37-250, homeowners who are 65 years of age or older, or who are permanently and totally disabled, are eligible for a property tax exemption on the first $50,000 of the fair market value of their primary residence. This exemption applies to school operating taxes and most other property taxes. Note that this senior/disability property tax exemption is separate from the homestead exemption available in bankruptcy proceedings under SC Code § 15-41-30.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
Tenancy in common is a form of co-ownership in which two or more persons hold separate, undivided interests in property without the right of survivorship. Each owner can hold unequal shares and can independently transfer their interest.
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