The fair market value of homeowners’ association property, as defined in § 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:

(1) amounts received as membership dues, fees, or assessments from the members of the homeowners’ association; and

(2) amounts received from the developer of the property owned by the homeowners’ association as reported on the most recently filed application submitted pursuant to § 12-43-230. If additional reporting is required pursuant to § 12-43-230, nonqualified gross receipts shall be determined utilizing gross receipts from the most recent completed tax year. After a piece of property’s nonqualified gross receipts have been established, they must be capitalized to determine nonqualified earnings value by utilizing a capitalization rate of twenty percent. Notwithstanding any other provision of this section, in the event of real property with zero or de minimus nonqualified gross receipts, the special valuation of homeowners’ association property shall not result in any homeowners’ association property being valued at a rate less than five hundred dollars an acre.