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Anderson council approves first reading of special tax assessment to encourage historic rehabilitation
Summary
On first reading, Anderson City Council unanimously approved an ordinance to create a tiered special tax assessment that freezes pre‑rehabilitation assessed value for qualifying historic property renovations; tiers link freeze length to investment levels and require Board of Architectural Review certification.
Anderson City Council voted unanimously on first reading to create a special tax assessment intended to incentivize rehabilitation of historic properties by freezing the pre‑rehabilitation assessed value for a time period tied to the size of the investment.
Staff described a tiered approach: a five‑year freeze for rehabilitation investments under $2 million; a 10‑year freeze for investments of $2 million to under $5 million; and a 15‑year freeze for projects of $5 million or more. Eligibility thresholds require rehabilitation expenditures to be at least 50% of fair market value for owner‑occupied…
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