South Carolina doesn’t yet have any specific laws governing Homeowners’ Associations (HOA’s) but there are 6 state laws that make reference to HOA’s. Update: The South Carolina Homeowners Association Act was signed into law by Governor Henry McMaster on May 17th, 2018. There are 6 other laws relevant to HOA’s.
Title 12 – Taxation
CHAPTER 43
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: Read more >>>
Title 61 – Alcohol and Alcoholic Beverages
Chapter 6
Alcoholic Beverage Control Act
(3) “Homeowners association chartered as a nonprofit by the Secretary of State” means an organization that has been recognized as a nonprofit by the Secretary of State, whose membership is limited to individuals who own property in the residential community, and whose affairs are governed by a board of directors elected by the membership. Read more >>>
Title 27 – Property and Conveyances
Chapter 1
General Provisions
SECTION 27-1-60. Right of homeowner or tenant to fly United States flag; restrictive covenants and rental agreements; definitions.
(A) Regardless of any restrictive covenant, declaration, rule, contractual provision, or other requirement concerning flags or decorations found in a deed, contract, lease, rental agreement, or homeowners’ association document… Read more >>>
Title 12 – Taxation
CHAPTER 6
Adoption of Internal Revenue Code-Definitions
SECTION 12-6-540. Income tax rates for exempt organizations and cooperatives.
An income tax is imposed annually at the rate of five percent on the South Carolina taxable income of an organization described in Internal Revenue Code Sections 501 through 528 (Exempt Organizations) and 1381 (Cooperatives) as computed under Internal Revenue Code… Read More >>>
Title 31 – Housing and Redevelopment
Chapter 23
South Carolina Community Land Trust
(3) the lease agreement must specify the location and approximate size of the parcel of land to be leased, the annual and monthly ground rent, the administrative fee, a statement of amounts to be paid by the lessee including, but not limited to, taxes and assessments, security deposits, service fees, utility fees, and installation charges, the date payment is due, the place of payment, the personal property, services, and facilities provided by the CLT, the regulations governing residency which, if violated, may be cause for cancellation of the lease, the improvements, if any, which the lessee may make to the leased land including landscaping, the improvements, if any, required to be made by the lessee, restrictions, if any, regarding pets, children, number of occupants, and vehicles and other personal property storage, the lessor’s right to inspect the property, and the notice required to exercise any option for renewal or to terminate the ground lease. In addition, if applicable, the lease agreement must specify if membership in a homeowners association is required, and a statement of amounts to be paid by the lessee for membership in the homeowners association, the date payment is due, and the place of payment. Read more >>>
Title 12 – Taxation
Chapter 20
(3) “Homeowners association chartered as a nonprofit by the Secretary of State” means an organization that has been recognized as a nonprofit by the Secretary of State, whose membership is limited to individuals who own property in the residential community, and whose affairs are governed by a board of directors elected by the membership. No member, officer, agent, or employee of the association may be paid a salary or other form of compensation from any of the profit of the sale of alcoholic beverages, except as may be voted on at a meeting of the governing body, nor shall the salaries or compensation be in excess of reasonable compensation for the services actually performed. Additionally, a “homeowners association chartered as a nonprofit by the Secretary of State” must abide by all alcoholic liquor regulations that apply to a nonprofit organization, as defined by Section 61-6-20(7), except that upon dissolution of the “homeowners association chartered as a nonprofit by the Secretary of State”, the remaining assets, if any, may be distributed to its members. A “homeowners association chartered as a nonprofit by the Secretary of State” is eligible to be licensed under this chapter only at facilities located within the boundaries of the homeowners association. Read more >>>