Mills Act Downtown Los Angeles Lofts For Sale
As Downtown L.A. transforms into an expensive luxury neighborhood, prospective home buyers must put more effort into finding the best deals on amazing lofts. The Mills Act lofts can make it easier to find a great deal by provide property tax benefits that can represent a great deal on a home in Downtown L.A. #millsact #downtownlosangeles #lofts | VIDEO
The Mills Act economic incentive program helps private home owners, including loft condominium unit owners in California with the restoration and preservation of qualified historic buildings. For L.A., the program is administered and implemented by the City of Los Angeles. Mills Act contracts are between the property owners (HOA for condo buildings) and the city and county government granting the tax abatement. | REQUEST LIST
The Mills Act helps Los Angeles city hall to design preservation programs to accommodate Downtown and the entire city’s needs and priorities for rehabilitating its neighborhoods, encouraging seismic safety programs, contributing to affordable housing, promoting heritage tourism, and fostering pride of ownership. The city and neighborhoods get economic benefits of conserving resources and reinvestment as well as playing an important role in historic preservation for revitalizing older areas, creating cultural tourism, building civic pride, and retaining the sense of place and continuity with the community’s past. | MILLS ACT HOMES FOR SALE | MILLS ACT RECENTLY SOLD
Each local government establishes their own criteria and determines how many contracts they will allow in their jurisdiction. The laws involved are California Government Code, Article 12, Sections 50280 – 50290 and California Revenue and Taxation Code, Article 1.9, Sections 439 – 439.4.
Not sure if you are already on the list or if your information is current? Check out the Mills Act Contacts List.
Mills Act contracts are for 10 years initially with automatic yearly extensions, and stay with the property when transferred. Subsequent owners are bound by the contract, and have the same rights and obligations as the original owner who entered into the contract. Because the local government and the property owner negotiate other specific terms of the contract, Mills Act home owners must contact the local government office to find out the benefits and obligations. The State Board of Equalization has provided Guidelines for county assessors to use for assessing properties under the Mills Act. The City of Los Angeles provides a website with details at:
https://preservation.lacity.org/incentives/mills-act-historical-property-contract-program
Those who want to be real experts on Mills Act can join the L.A. Loft Blog team at the special events:
Mills Act Program and Workshop
Applications for the next cycle will be posted, and Part 1 applications will be accepted. Dates to be announced.
For more info about the City of Los Angeles’ Mills Act Program, the Office of Historic Resources holds an annual Mills Act Workshop (contact the Loft Blog for updated dates and times). This event will give an overview of the Mills Act Historical Property Contract Program and details about the City of Los Angeles’ application process for the next year. All prospective applicants and others interested in learning more about the program are invited to attend.
MILLS ACT WORKSHOP (Date and time to be announced) Barnsdall Gallery Theatre, 4800 Hollywood Blvd., Los Angeles, CA
In the meantime, you may want to review the Mills Act Application Guide and Frequently Asked Questions.
Property tax relief helps to dramatically defray costs to rehabilitate and maintain the historical and architectural character of Downtown LA properties for at least a ten-year period, which usually gets renewed. The Mills Act program is especially beneficial for recent buyers of historic properties and for current owners in historic buildings. Participants may realize substantial property tax savings of between 40% and 60% each year for newly improved or purchased older properties because valuations of Mills Act properties are determined by the Income Approach to Value rather than by the standard Market Approach to Value. The income approach, divided by a capitalization rate, determines the assessed value of the property. In general, the income of an owner-occupied property is based on comparable rents for similar properties in the area, while the income amount on a commercial property is based on actual rent received. Because rental values vary from area to area, actual property savings vary from county to county. In addition, as County Assessors are required to assess all properties annually, Mills Act properties may realize slight increases in property taxes each year. | Question or Comment
Additional information is available from the Board of Equalization and California Government Code, Article 12, Sections 50280 – 50290.
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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. | COMMENT
