South Carolina Code 12-37-265. Criteria for qualification of life estates for homestead tax exemption
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 12-37-265
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- person: includes any individual, trust, estate, partnership, receiver, association, company, limited liability company, corporation, or other entity or group; and
(2) "individual" means a human being. See South Carolina Code 12-2-20 - Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
Notwithstanding any other provision of law, when a person is entitled to the homestead tax exemption provided by § 12-37-250 of the 1976 Code and owns fee simple title to the homestead, and who thereafter creates a life estate for such person by conveyance of the remainder, the life estate so created shall satisfy the ownership requirements for the exemption. The term "person" shall include husband and wife when the homestead is jointly owned and either is entitled to the exemption.