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Anderson City Council adopts tiered tax-assessment freeze for historic rehabs
Summary
On second and final reading, the Anderson City Council unanimously adopted an ordinance establishing a tiered special tax assessment for rehabilitated historic properties that freezes assessed value for set periods tied to investment levels, with oversight by the Board of Architectural Review.
The Anderson City Council on second and final reading unanimously adopted an ordinance to create a special tax assessment for rehabilitated historic properties under state statute commonly called the 'Bailey bill.' Staff said the measure aims to stabilize cash flow for owners and spur investment while limiting the city's exposure to public funds.
City attorney/staff counsel Mr. McKeown told the council the ordinance uses a tiered approach tied to the size of the private investment: projects under $2,000,000 would receive a seven-year assessment freeze; projects between $2,000,000 and $5,000,000 would receive a 12-year freeze; and projects over $5,000,000…
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