A special tax assessment is created for the following two types of eligible rehabilitated historic properties:
(A) For owner-occupied property, an assessment for two years equal to 4% of the appraised value, prior to rehabilitation, of the property from the time of initial approval of the rehabilitation plans, Part A-Preliminary Review Form, by the South Carolina Department of Archives and History is granted, and an assessment for the following eight years equal to the greater of 40% of 4% of the appraised value after rehabilitation or the original assessment before rehabilitation, is created; and
(B) For income-producing property, an assessment for two years equal to 6% of the appraised value, prior to rehabilitation, of the property from the time of initial approval of the rehabilitation plans, Part A-Preliminary Review Form, by the South Carolina Department of Archives and History is granted, and an assessment for the following eight years equal to the greater of 40% of 6% of the appraised value of the property after rehabilitation or the original assessment before rehabilitation, is created.
(Ord. 5202, passed 12-9-02; Am. Ord. 1122, passed 2-21-22)