(A) Twenty-five percent of the actual rehabilitation expenses incurred at the building site currently known as Dillon County Tax Map Number 059-10-34-007 shall be credited to the property owners of said property as described in (B) below. S.C. Code § 12-67-140(3)(a) shall govern any necessary adjustments to this credit if the actual expenses incurred are less than 80% or more than 125% of the estimated expenses.
(B) The credit shall be taken as a credit against up to 75% of the real property taxes due on the building site each year; beginning the year that the property is first in service, for up to eight years, pursuant to S.C. Code § 12-67-140(3)(a).
(C) Pursuant to S.C. Code § 12-67-140, the local taxing entities shall share the tax credit application in the same ratio as the local taxing ratio, at the time of the property owner filing the Notice of Intent to Rehabilitate, which according to the County Auditor is as follows:
(1) County of Dillon: 32.46451%
(2) City of Dillon: 22.573889%
(3) Dillon County School Board: 44.961601%
(Ord. 19-06, passed 12-9-2019)