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S 1017 - Applies a property tax exemption for nonprofit housing corporations only to a certain percentage of the property

Tracking Level: Priority
Sponsor: Michael Johnson
Last Action: 4/25/2024 - House - Committee report: Favorable with amendment Ways and Means
Senate Committee: Fin
House Committee: WM
Assigned To:
AnnexationNext Bill
Property TaxesNext Bill

Staff Analysis of the Legislation
04.25.2024 The House Ways and Means Committee gave this bill a favorable report as amended. The committee removed the subcommittee amendment and added language that qualifies projects that set lower income thresholds for residents in cities located within a North Carolina metropolitan statistical area whose population exceeds 500,000 residents. 
04.23.2024 The House Ways and Means Property Tax subcommittee gave this bill a favorable report as amended. The amendment changes the language of the bill so that in order to qualify for the property tax exemption all of the units within an eligible project in certain zip codes be rented to very low income residents as designated by HUD's Fair Market Rent guidelines.
04.17.2024 THe House Ways and Means Property Tax subcommittee adjourned debate on this bill.
02.27.2024 The Senate Finance Committee gave this bill a favorable report.
02.22.2024 The Senate Finance Property Taxation subcommittee gave this bill a favorable report.
Summary of the bill as introduced: Applies a property tax exemption for nonprofit housing corporations only to the percentage of property that equals the corporation's ownership interest in the property. This bill also prohibits annexation of agricultural property by a municipality without express written agreement by the owner.

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Session 125 - (2023-2024)Printer Friendly
(pdf format)
S 1017 General Bill, By M. Johnson, Peeler, Climer, Setzler and Kimbrell
Similar (S 0907, H 4936)
Summary: Property
    A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-37-220, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO PROVIDE THAT THE EXEMPTION FOR CERTAIN PROPERTY OF A NONPROFIT HOUSING CORPORATION ONLY APPLIES TO THE PERCENTAGE OF PROPERTY THAT EQUALS THE CORPORATION'S OWNERSHIP INTEREST IN THE PROPERTY, TO PROVIDE AN EXCEPTION, AND TO PROVIDE CERTAIN CERTIFICATION AND NOTICE REQUIREMENTS; AND BY ADDING SECTION 12-37-160 SO AS TO PROVIDE THAT CERTAIN PROPERTY ASSESSED AS AGRICULTURAL OR RELATED THERETO MAY NOT BE ANNEXED BY A MUNICIPALITY.
View full text          View Vote History          View Fiscal Impact
02/01/24Senate Introduced and read first time (Senate Journal-page 6)
02/01/24Senate Referred to Committee on Finance (Senate Journal-page 6)
02/28/24Senate Committee report: Favorable Finance (Senate Journal-page 14)
03/01/24 Scrivener's error corrected
03/20/24Senate Amended (Senate Journal-page 18)
03/20/24Senate Read second time (Senate Journal-page 18)
03/20/24Senate Roll call Ayes-46 Nays-0 (Senate Journal-page 18)
03/21/24 Scrivener's error corrected
03/21/24Senate Read third time and sent to House (Senate Journal-page 11)
03/26/24House Introduced and read first time (House Journal-page 24)
03/26/24House Referred to Committee on Ways and Means (House Journal-page 24)
04/25/24House Committee report: Favorable with amendment Ways and Means (House Journal-page 20)


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