8.13 Miscellaneous Statutes Regarding Homeowners Associations

• Library: South Carolina Community Association Law: Condominiums and Homeowners Associations (SCBar) (2019 Ed.)

8.13 Miscellaneous Statutes Regarding Homeowners Associations

A number of South Carolina statutes mention homeowners associations. Several of those concern the state's liquor laws.⁶⁴⁴ The provisions of the chapter of the South Carolina Code of Laws regarding corporate license fees do not apply to a homeowners association as defined by the Internal Revenue Code.⁶⁴⁵ Income tax returns have to be filed by a homeowners association, as defined by the Internal Revenue Code,⁶⁴⁶ which has "homeowners association taxable income" within the meaning of the Code⁶⁴⁷ for the taxable year.⁶⁴⁸ The fair market value of homeowners association property 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.⁶⁴⁹ A homeowners association can designate one or any number of its qualifying tracts or parcels as homeowners association property for purposes of that special valuation.⁶⁵⁰ No homeowners association document — a term that includes, but is not limited to, declarations of covenants, articles of incorporation, bylaws, or any similar document concerning the rights of property owners to use their property⁶⁵¹ — may preclude display of one portable, removable United States flag by homeowners.⁶⁵² A sheriff may employ a deputy and pay his or her compensation from funds received from a...