Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Anderson council gives first reading to special tax assessment for rehabilitated historic properties
Summary
On first reading the Anderson City Council unanimously advanced an ordinance establishing a tiered special tax assessment to incentivize rehabilitation of historic properties, outlining certification and decertification procedures through the Board of Architectural Review.
The Anderson City Council gave first reading to an ordinance that would establish a special tax assessment to encourage rehabilitation of historic properties in the city.
The proposed ordinance would freeze a property's assessed value at its pre-rehabilitation level for a tiered period depending on the scale of investment: five years for investments under $2 million, 10 years for investments of $2 million to less than $5 million, and 15 years for investments of $5 million or more. Presenters said owner-occupied residential projects must spend at least 50% of the property's fair market value on rehabilitation to qualify; income-producing (commercial) properties must meet or exceed 100% of fair market value.
Mike Burns of Vergormen, who presented for the proposal, said the program is intended to simplify incentives for historic renovation projects and allow both owner-occupied…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
