In 1996, the General Assembly amended the code of laws for South Carolina by adding section 12-43-227. This addition along with amendments to section 12-43-230 prescribes the method for valuing Homeowner Association property as well as defining a Homeowner Association. The following information must be furnished to Real Property Services to determine if the organization meets the requirements of this special valuation legislation and what qualified income should be capitalized into the taxable value.
Total Land Owned By Association:
Application must be received by Real Property Services on or before the first penalty date for taxes due for the first tax year in which the special valuation is claimed. Failure to apply constitutes a waiver of the special valuation for that year.
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