The Homestead Exemption Program is a State funded program authorized under Section 12-37-250 of the South Carolina Code of Laws. The program exempts the first $50,000 fair market value of primary residence from all property taxes. If the primary residence is valued at $50,000 or less, it is exempt from all property taxes. This program is often confused with the Application for Special Assessment as Legal Residence 4%, which is done by the Tax Assessor's Office.
If your deed is in your name and your spouse's name, you will receive the full $50,000 exemption as long as one of you meets the eligibility requirements. If your deed is in your name and someone other than your spouse's name, you will only get a portion of the exemption equal to the amount of interest you have in the property as listed on your deed.