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. Richland County’s ordinance was amended in May 2013 to enhance the incentives to restore historic structures, thus making these renovation projects more economically feasible for home and business owners.The main feature of the Bailey Bill is to assess property on the pre-rehabilitation fair market value for 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 twenty years. A minimum of 20% of the fair market value of the building must be spent on qualified rehabilitation expenditures.
