The Bailey Bill (SC Code of Laws §4-9-195 and §5-21-140) authorizes local governments to offer a special property tax assessment for rehabilitated historic buildings. The main feature of the Bailey Bill is to assess property on the pre-rehabilitation fair market value for up to twenty (20) years. This means the owner of a historic structure continues to pay property tax on the pre-rehab value of the property, but does not pay tax on the increased value due to the renovations for up to twenty (20) years. A minimum of 20% of the fair market value of the building must be spent on qualified rehabilitation expenditures.
