South Carolina Code 12-37-240. Payments in lieu of taxes by nonprofit housing corporations exempt under act of General Assembly
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 12-37-240
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
When any nonprofit housing corporation owns property within a county or municipality which is exempted from ad valorem taxes under an act of the General Assembly, the county or municipality or both are authorized to contract with such corporation for payments in lieu of taxes for services rendered by the county or municipality.