For developers doing their first historic rehabilitation tax credit deal in Fort Mill there potentially is available property tax incentives that may accompany your historic rehab tax credits.
In South Carolina, state law authorizes local tax authorities to adopt, by ordinance, a special assessment for eligible historic rehabilitation properties and low income properties. This little known incentive is known as the “Bailey Bill”. It can lock-in the assessed value on the property at its pre-rehab value for up to 20 years. It could save you hundreds of thousands in property taxes over the life of the special assessment period. This requires preliminary approval for the Bailey Bill from the Town of Fort Mill before you start construction.
For program details and application forms see the links below.
