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City considering Bailey Bill preservation incentives
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The city of Camden may soon add another tool to its historic preservation toolbox via what is known as a Bailey Bill ordinance. The Bailey Bill refers to state laws -- specifically Sections 4-9-195 and 5-21-140 of the S.C. Code of Laws -- which allow local governments to grant special tax assessments to buildings and structures which qualify as rehabilitated historic properties. The bill allows local governments to tax a qualifying property at the fair market value at which the property was assessed prior to rehabilitation.