A special tax assessment is hereby created wherein real property that has complied with all provisions of the Bailey Bill Program shall receive a property tax assessment for such real property and any improvements thereon that is based upon the fair market value of such property during the year that preliminary certification of the historic rehabilitation of such property is granted. In order to be eligible to receive the special assessment, a property must undergo a historic rehabilitation that adheres to the Secretary of the Interior's Standards for Rehabilitation, together with the Design Guidelines for Historic Districts in Walterboro.
