If you are a property owner interested in preserving and restoring historic buildings, you may be interested in learning about the Mills Act. The Mills Act is a California state law that provides property tax incentives to owners of historic properties who agree to restore and preserve their properties.
Under the Mills Act, property owners can enter into a 10-year contract with their local government to assess their property at a lower rate than its market value. The amount of the tax reduction is based on a formula that considers the property's assessed value and the cost of the restoration work. Property owners must agree to maintain and preserve the property's historical features and architectural integrity in exchange for the tax reduction.
The Mills Act is an excellent program for property owners who want to invest in restoring and preserving historic buildings. The tax incentives can help offset the cost of restoration work, making it more financially feasible for property owners to take on a restoration project. Additionally, the Mills Act can help preserve historic buildings for future generations.
To be eligible for the Mills Act, the local government must design a property as a historic resource. It must meet specific criteria for age, architectural style, and significance. The program is intended to encourage the preservation of historic buildings and to provide an economic incentive for property owners to invest in restoration and maintenance.
If you want to learn more about the Mills Act and how it can benefit you as a property owner, I encourage you to contact me, Jacob, a licensed Realtor. Don't hesitate to contact me anytime if you have questions or need assistance determining your eligibility. I would be happy to help you navigate the process and explore the potential benefits of the Mills Act for your historic property.
Thank you for your interest in the Mills Act and commitment to preserving rich architectural heritage.
Jacob Williamson Realty
Century 21 Affiliated | Realtor