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Camden approves first Bailey Bill applicant
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Camden City Council held second reading and gave final approval to the city’s first applicant for special property tax assessment under the city’s new Bailey Bill ordinance during its meeting Tuesday at City Hall. City Council established the “Property Tax Assessment Program for Rehabilitated Historic Properties” ordinance in August 2015. Known as a “Bailey Bill” ordinance, which refers to state statutes that allow local governments to tax a qualifying historic property at the fair market value at which the property was assessed prior to rehabilitation, the city’s ordinance keeps the rate in place for 15 years and the tax incentive can apply to residential or commercial properties.