08/16/2024
We invite you to learn more about the South Carolina Bailey Bill and explore the implications of the Bailey Bill on local historic preservation. Understand how this legislation can support historic properties and benefit the community.
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On behalf of historic preservation and economic development, Hotel Alum asked City of Walhalla to consider adopting the Bailey Bill. At the August 6, 2024 Committee meeting, The City Council Finance Committee discussed the Bailey Bill and we are happy to report that it will be added to Council's agenda at their next full meeting on August 20th. So the discussion will continue.
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Adopting the Bailey Bill could help with historic preservation and serve as a tool for economic development. Do you agree?
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If you were a member of the City or County council, would you vote in favor of adopting the Bailey Bill? Why or why not? Please leave a comment or an emoji! (Thumbs up for YES, Thumbs down for NO) Or send us a message if you prefer to keep it between us!
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What is the South Carolina Bailey Bill?
"The Bailey Bill is one of several property tax incentives available to cities and towns to encourage historic property rehabilitation. The law, found in SC Code of Laws Section 4-9-195 and Section 5-21-140, derives its name from former Rep. James Bailey.
The Bailey Bill allows local governments to lock in a special property tax assessment, based on the property's fair market value as it stood before rehabilitation, for a period of no more than 20 years. During this time, the property owner's local property tax payments do not factor in any increases in value because of eligible renovations.
The amount that the taxpayer saves can be significant, especially when combined with other available incentives. As such, the savings can make restoration projects economically feasible in situations where they otherwise would not be, providing an effective catalyst to spur revitalization in historic districts." (https://www.masc.sc/uptown/11-2020/economic-development-tools-bailey-bill)
Some examples of municipalities that have adopted the South Carolina Bailey Bill are:
Beaufort
Camden
Columbia
Greenville
Richland
Ft. Mill
Greenwood
Examples of projects that have utilized the Bailey Bill:
1. West Village - Greenville
2. Rhame Arena - Camden
3. Hotel Trundle - Columbia
4. New Hotel coming to Greenville
5. Lula Drake - Greenville
6. Think Tank - Greenwood
7. Smoked - Columbia
8. Cigar Factory - Charleston
9. Bull Street District - Columbia
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Caroline Haynie Harris
NEWS: As of October 2023, this beauty is listed in the Register of Historic Places! More good news to come!
