The bill S. 125 proposes amendments to Section 12-37-220 of the South Carolina Code of Laws, which pertains to property tax exemptions for nonprofit housing corporations. The key change is that the exemption for certain properties will now only apply to the percentage of property that corresponds to the corporation's ownership interest. Additionally, the bill introduces specific certification and notice requirements for nonprofit housing corporations seeking this exemption. For instance, if a nonprofit housing corporation owns more than fifty percent of a qualifying property, it may be eligible for a full exemption, provided that all units are designated for low-income residents.

Furthermore, the bill outlines the process for claiming the exemption, which includes an initial certification by the nonprofit housing corporation to the department, along with annual updates on ownership percentages and compliance documentation. The department is tasked with notifying local authorities of any approved exemptions. The act will take effect upon the Governor's approval and will apply to property tax years beginning after 2025, while ensuring that existing projects that have already applied for exemptions are still required to submit annual certifications.

Statutes affected:
12/11/2024: 12-37-220
02/19/2025: 12-37-220
02/26/2025: 12-37-220
Latest Version: 12-37-220