South Carolina Code of Laws — Title 12 (Taxation)
S.C. Code Ann. § 12-43-227
Valuation of homeowners' association property
The fair market value of homeowners' association property, as defined in Section 12-43-230, for ad valorem tax purposes is defined as the nonqualified earnings value to be determined by the capitalization of the property's nonqualified gross receipts. For purposes of this section, "nonqualified gross receipts", means the gross receipts from the use of the property other than:
# (1)
amounts received as membership dues, fees, or assessments from the members of the homeowners' association; and
# (2)
amounts received from the developer of the property owned by the homeowners' association as reported on the most recently filed application submitted pursuant to Section 12-43-230. If additional reporting is required pursuant to Section 12-43-230, nonqualified gross receipts shall be determined utilizing gross receipts from the most recent completed tax year. After a piece of property's nonqualified gross receipts have been established, they must be capitalized to determine nonqualified earnings value by utilizing a capitalization rate of twenty percent. Notwithstanding any other provision of this section, in the event of real property with zero or de minimus nonqualified gross receipts, the special valuation of homeowners' association property shall not result in any homeowners' association property being valued at a rate less than five hundred dollars an acre.
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In this chapter (28 sections)
- 12-43-210 · Uniform and equitable assessments; rules and regulations
- 12-43-215 · Owner-occupied residential real property; highest and best…
- 12-43-217 · Quadrennial reassessment; postponement ordinance
- 12-43-220 · Classifications shall be equal and uniform; particular…
- 12-43-221 · Property purchased by installment contract for sale;…
- 12-43-222 · Roll-back tax for open space
- 12-43-224 · Assessment of undeveloped acreage subdivided into lots
- 12-43-225 · Multiple lot discounts; eligibility
- 12-43-227 · Valuation of homeowners' association property
- 12-43-230 · Treatment of agricultural real property, mobile home and…
- 12-43-232 · Requirements for agricultural use
- 12-43-233 · Agritourism uses
- 12-43-240 · Counties shall require building permits; copies shall be…
- 12-43-250 · Sales ratio studies; reassessment or remapping
- 12-43-260 · Counties wilfully failing to comply with article shall not…
- 12-43-285 · Certification of millage rates; excessive rates
- 12-43-295 · No additional millage shall be levied as inflation factor…
- 12-43-296 · Preparation of budgets and carry forward of positive…
- 12-43-300 · Extension of time for filing of objection to valuation and…
- 12-43-310 · Article shall not affect certain contracts
- 12-43-320 · Legislative repeal of certain rules and regulations
- 12-43-330 · Property exempt from taxation is also exempt from assessment
- 12-43-335 · Classification of assessed property of merchants and…
- 12-43-340 · Agricultural use application; false statement
- 12-43-350 · Standardized tax bill
- 12-43-360 · Assessed value of aircraft
- 12-43-365 · Golf course valuation
- 12-43-370 · Electronic property tax bill and receipt