LA Lofts Mills Act – Downtown LA Lofts

LA Lofts Mills Act Benefits

LA Lofts Mills Act Downtown LA Lofts
LA Lofts Mills Act Downtown LA Lofts

While some have never heard of the Mills Act, it presents some real advantages for Los Angeles loft owners, and can really save a very large amount of money on taxes. #millsact #la   MILLS ACT LOFTS FOR SALE   |   MILLS ACT RECENTLY SOLD

Benefits of Owning a Mills Act Loft

To help preserve the historic buildings of Los Angeles, a tax incentive has been created by California state and local governments called the Mills Act. The special law offers home owners of qualifying historic buildings as much as 70% or more off of their property tax bills. Owners of lofts in a historic building, can potentially save thousands of dollars each year. That money can be used to help furnish your the loft home, put more money down at purchase to reduce monthly mortgage payments, trade up to a larger loft or even just put in your pocket. But, buyers should also be prepared and save some of the money for potential special assessments in the future should building need major restoration.

The Mills Act offers a substantial reduction in property taxes for owners of qualified historical properties provided that they agree to preserve, restore, rehabilitate, and maintain the historical and architectural character of their properties. Many owners report that they save about 2/3 off of their property taxes.  The formula is complex, and may vary, so prospective Mills Act home buyers should check with the city, county and a tax professional to determine what the real savings may be.

Mills Act participants can realize very fruitful property tax savings each year for recently improved or purchased old properties because the valuation of a Mills Act property is determined by the Income Approach to Value rather and not by the common Market approach to calculating appraised value. The Income Approach, divided by a capitalization rate, gives the assessed value of the property. Generally, the income potential for an owner-occupied residential property is calculated by looking at rental rates for comparable nearby properties, while the income from a commercial property is based on actual rent received. Because rental values vary greatly, the actual Mills Act historic property tax savings may vary.

Get a free list of Mills Act approved Loft buildings in Downtown Los Angeles. Fill out the online form:

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Mills Act Historic Core Downtown Los Angeles
Mills Act Historic Core Downtown Los Angeles

Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com  Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

Back on Market – How to Nab a Property that Someone Else Tried to Buy

Buyers are trying harder than ever to find a great deal on an amazing loft in Downtown Los Angeles lately because there are too many buyers and not enough lofts for sale.  #dtla #loft #backonmarket

Downtown Los Angeles Loft Back on Market
Downtown Los Angeles Loft Back on Market

One often overlooked way to get access to desirable properties is by looking at pending listings, listings on hold, along with active listings under contract.  That way, a home buyer can get a sense that other buyers like the property as well. When the property becomes Active again or says Back On Market, the buyer can ask the seller why the property fell out of escrow so that the buyer can decide if that is likely to be a problem for that buyer or perhaps a great fit.

Here is one shining example of an historic loft with Mills Act tax benefits that just fell out of escrow because the first time home buyer may have been skittish of buying in general, thus possibly quite afraid of HVAC (central air conditioning and heat) needing repairs.  For this Back on Market Eckardt loft with a nice-sized balcony, the seller has already ordered the HOA-recommended A/C repair company to complete repairs by the end of next week. A more experienced or confident buyer will snap it up, protected by an easy contingency to make sure that the air conditioning gets repaired. Experienced buyers know how to take advantage of minor issues that beginner buyers might feel unsure about.

Get a free list of Back on Market and off-market lofts and condos in Downtown Los Angeles. Fill out the online form:

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Eckardt Building Loft with Balcony Every Day Open House - Call for times (213) 880-9910
Eckardt Building Loft with Balcony Every Day Open House – Call for times (213) 880-9910

Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.