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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-225 SO AS TO PROVIDE THAT FEDERAL OR STATE INCOME TAX CREDITS FOR LOW INCOME HOUSING MAY NOT BE CONSIDERED WITH RESPECT TO THE VALUATION OF REAL PROPERTY OR IN DETERMINING THE FAIR MARKET VALUE OF REAL PROPERTY FOR PROPERTY TAX PURPOSES, AND TO PROVIDE THAT FOR PROPERTIES THAT HAVE DEED RESTRICTIONS IN EFFECT THAT PROMOTE OR PROVIDE FOR LOW INCOME HOUSING, THE INCOME APPROACH MUST BE THE METHOD OF VALUATION TO BE USED.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 37, Title 12 of the 1976 Code is amended by adding:
"Section 12-37-225. (A) Federal or state income tax credits for low income housing may not be taken into consideration with respect to the valuation of real property or in determining the fair market value of real property for property tax purposes. For properties that have deed restrictions in effect that promote or provide for low income housing, the income approach must be the method of valuation to be used.
(B) For purposes of this section, 'low income housing' means housing intended for occupancy by households with incomes not exceeding eighty percent of area median income, adjusted for household size, as determined by the United States Department of Housing and Urban Development."
SECTION 2. This act takes effect upon approval by the Governor and is effective beginning with taxes to be assessed for the year of its enactment.
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