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The minimum investment is 75% of the Fair Market Value of the building. This is typically the Beaufort County Tax Assessor's assessed value of the structure. It can also be a recent appraisal (within 45 days of the application).
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The Bailey Bill is a special property tax incentive for rehabilitating historic buildings. If a property owner invests a minimum of 75% of their building’s assessed value back into the building, and the work is eligible and approved, then the assessed value of the property is “frozen” at the pre-rehabilitation value for the next 10 years.
Properties must meet at least one of the following criteria:
Work proposed will be reviewed in accordance with “Expenditures for Rehabilitation” as defined by South Carolina (SC) 12-120.D. "Expenditures for rehabilitation" means the actual costs of rehabilitation relating to one or more of the following:
Bailey Bill applications cost $150 for single family residences and duplexes, and $300 for all other types of buildings. The first Historic Review Board application fee will be waived.