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TO AMEND SECTION 4-9-195, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE AUTHORITY OF A COUNTY TO GRANT SPECIAL PROPERTY TAX ASSESSMENTS TO HISTORIC PROPERTIES AND LOW AND MODERATE INCOME RENTAL PROPERTIES, SO AS TO ESTABLISH CRITERIA BY WHICH A COUNTY MAY OFFER ECONOMIC INCENTIVES FOR RENOVATION AND REHABILITATION OF ARCHITECTURALLY SIGNIFICANT HOMES BY OWNERS WHO OCCUPY THEM.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 4-9-195(A)(2) of the 1976 Code, as last amended by Act 375 of 1992, is further amended to read:
"(2) for income-producing rehabilitated historic property and or for low and moderate income rental property, or both, an assessment for two years equal to six percent of the appraised value of the property at the time the certification was made, and an assessment for eight years equal to the greater of forty percent of six percent of the appraised value of the property after rehabilitation or the assessment originally assessed on the uncertified property; and"
SECTION 2. Section 4-9-195(B) of the 1976 Code, as last amended by Act 375 of 1992, is further amended to read:
"(B) 'Rehabilitated historic property' is eligible for certification if the following conditions are met:
(1) the owner of the property applies for and is granted historic designation by the county governing body based on one or more of the following reasons:
(a) the property is listed in the National Register of Historic Places;
(b) the property is designated as an a historic property by the county governing body based upon criteria established by the county governing body and is at least fifty years old; or
(c) the property is at least fifty years old and is located in an a historic district designated by the county governing body at any location within the geographical area of the county;
(2) the rehabilitation work is approved by the Department of Archives and History for projects greater than two hundred fifty thousand dollars and all other projects by the county governing body or its designee their designees as appropriate for the historic building and the historic district in which it is located;
(3) within two years after receiving the approval of the rehabilitation plans, the owner or his estate rehabilitates the building, with expenditures for rehabilitation exceeding fifty percent of the appraised value of the building in the case of owner-occupied property, or with expenditures for rehabilitation exceeding the appraised value of the building in the case of income-producing real property;
(4) the owner or estate of any property certified as 'historic' takes no actions which cause causes the property to lose the qualities and features which made it eligible for certification. The Department of Archives and History for projects greater than two hundred fifty thousand dollars and the county governing body, or their designees, for all other projects or its designee shall have the authority to rescind approval of the rehabilitation work and certification in these cases, and in this event the property becomes immediately ineligible for the special tax assessments provided for this type of property where actions have been taken that cause the property to lose the qualities or features upon which it qualified; and
(5) rehabilitation was commenced on the property after January 1, 1987, and the rehabilitation was not commenced or undertaken as a result of a natural disaster, catastrophe, accident, or force majeure."
SECTION 3. Section 4-9-195(D), (E), and (F) of the 1976 Code, as added by Act 474 of 1990, is amended to read:
"(D) The Department of Archives and History, or its designee, for projects greater than two hundred fifty thousand dollars and county governing body for all other projects has the authority to approve rehabilitation work in the county as qualifying for the special tax assessment provided for 'rehabilitated historic property', and shall provide for procedures for application, consideration, and appeal through appropriate regulations. All requests for approval must be accompanied by a nonrefundable application fee of one hundred dollars. The fee must be deposited in the accounts of the Department of Archives and History or county governing body as determined by project value, except that in counties where the department has delegated the approval responsibility to a local governmental agency or department, the local governmental agency or department shall receive the application fee.
(E) When property has been certified and assessed as rehabilitated historic property, or low or moderate income rental property, it remains so certified and must be granted the special assessment until the property becomes disqualified by any one of the following:
(1) written notice by the owner to the county to remove the preferential assessment;
(2) sale or transfer of ownership during the ten-year period of special assessment, other than in ordinary course within probate proceedings;
(3) removal of the historic property designation by the county governing body;
(4) decertification of the property by the local governing body as low or moderate income rental property for persons and families of moderate to low income as defined by Section 31-13-170(p);
(5) rescission of the approval of the rehabilitation work by the Department of Archives and History or county governing body because of alterations or renovations by the owner or his estate which cause the property to no longer possess the qualities and features which made it eligible.
(6) conversion from owner occupied historic building to income producing property.
Notification of any change affecting eligibility must be given immediately to the appropriate county taxing and assessing authorities.
(F) If property is certified as 'rehabilitated historic property' or as 'low and moderate income rental property' before the first day of April of a particular year, the special assessment authorized by this section is effective for that year. Otherwise it is effective beginning with the following year, provided the owner of the real property completes the proper application approved by the Department of Archives and History or county governing body with the appropriate agency by April fifteenth of the particular year. A county governing body may designate an agency or department of the county to perform its functions and duties under pursuant to the provisions of this section in its discretion."
SECTION 4. This act takes effect upon approval by the Governor.
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