4/19/2008

Historic Renovation and Property Tax Benefits

Bluff Park Historic District
The Mills Act was enacted in California in the 1970's, but is now much more widely known due to its 40-60% reduction in property taxes for qualified properties.

Effective March 7, 1973, Chapter 1442 of the Statutes of 1972 (also known as the Mills Act) allows an owner of qualified historical property to enter into a preservation contract with local government, which establishes its own criteria and determines how many contracts they will allow. When property is placed under such a contract, the owner agrees to restore the property if necessary, maintain its historic character, and use it in a manner compatible with its historic characteristics. the authority to enter into contracts, which are for 10 years at a time and stay with the property when transferred, with owners of qualified historic properties who actively participate in the restoration and maintenance of their historic properties while receiving property tax relief.
"A qualified historical property is privately-owned property that is not exempt from property taxation and that also meets either of the following criteria:

• The property is listed in the National Register of Historic Places, or is located within a registered historic district; or

• The property is listed in any official state, county, city, or city and county official register of historical or architecturally significant sites, places or landmarks, including the California Register of Historical Resources, California Historical Landmarks, State Points of Historical Interest, local landmarks, and local survey listings of historical properties."

Long Beach is one of the cities which participates in this program, here is a contact list for all California cities: http://www.parks.ca.gov/pages/1074/files/mills%20act%20contacts.pdf


For more information or a map of local historic districts, please contact me at 562-896-2609.


1 comment:

Real Estate Raj said...

There are so many great homes likes this in Lon beach. Its cool to know three’s a program out there to help owners with the upkeep, helping ensure another generation will be able to see what well-made functional architecture look like.

LinkWithin

Related Posts Plugin for WordPress, Blogger...
Web Statistics