South Carolina Historic Property Tax Value Binding, Court Says

A historic property selected for a preservation program is worth $1.81 million for tax purposes because that was the valuation determined under a binding agreement, the South Carolina Administrative Law Court held.

SRI Nine LLC and the Richland County assessor disputed the valuation of the property under the Bailey Bill, a reference to South Carolina laws that authorized special tax assessments in exchange for owners to rehabilitate historic properties. They agreed to accept the $1.81 million valuation and SRI Nine, which wants to further lower the valuation, hasn’t provided evidence that merits overturning the stipulation, Administrative Law Judge Robert L. ...