Mills Act Tax Savings for Downtown LA Lofts

What is the Mills Act Program?

Biscuitt Company Lofts Big Windows
Biscuitt Company Lofts Big Windows

Q: What is the Mills Act Program?
A: Economic incentives foster the preservation of residential neighborhoods and the revitalization of downtown commercial districts. The Mills Act is the single most important economic incentive program in California for the restoration and preservation of qualified historic buildings by private property owners.  Enacted in 1972, the Mills Act legislation grants participating local governments (cities and counties) the authority to enter into contracts with owners of qualified historic properties who actively participate in the restoration and maintenance of their historic properties while receiving property tax relief.

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 the 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.

 

Biscuitt Comany Lofts Deck
Biscuit Company Lofts Deck

Spotlighting a Mills Act property on the Market look no farther than this brilliant unit in the Biscuit Company Lofts.  Designer perfect, turnkey, 2 story Penthouse at the Biscuit Company Lofts. Located in the epicenter of DTLA’s Arts District within close proximity to all of the best restaurants, coffee shops and soon to open Soho House. No expense was spared while turning this incredible residence into truly one of the finest in the neighborhood. Notable features include a private terrace with incredible West facing panoramic downtown views of the DTLA skyline, original brick walls, wood floors, stainless steel kitchen, and 2 full bathrooms. Considered one of the finest buildings in the Arts District, the Biscuit Company Lofts offers 24 hour-controlled entry, security guard, and concierge services. A resort-like swimming pool, outdoor entertaining area, fire pit, BBQ, dog walk, a two-level gym & 2 parking spaces round out this special offering. Mills-Act approved.

#MillsAct #PenthouseLoft

Would you like to know more?  Mills act buildings Lofts are available now get the free list.  Fill out this online form.

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Biscuitt Company Lots Pool Deck
Biscuit Company Lots Pool Deck

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.

Downtown Los Angeles Arts District 2 Bedroom Condo For Lease at Mura

629 TRACTION Avenue 448
629 TRACTION Avenue 448

Mura, or “little village” in Japanese, is an urban community of 190 townhome units just a few blocks from the heart of downtown Los Angeles.  Mura has become an exciting addition to LA’s trendy and burgeoning Arts District.

Living at Mura means being close to everything: great shopping, world-class dining, and entertainment, and top-notch sporting venues. But you don’t always have to venture outside your building to find exciting things to do. Mura offers something for everyone. Public areas in the complex include a state-of-the-art fitness center with plasma TVs, a lushly landscaped courtyard with built-in barbecues and a fireplace for social gatherings plus a resort-style swimming pool and spa. Mura’s building includes two levels of secured resident parking, so getting home and into your unit is quick and easy.

This two-story unit has dual master bedrooms. Each bedroom has its own living room area, which is ideal for roommate situations. Other attributes in the unit are, hardwood floor, washer and dryer inside, and Downtown view. #ArtsDistrict #Loft

ARTS DISTRICT LOFTS AND CONDOS:  Get a free list of Los Angeles Arts District lofts, condos and apartments to Lease or Buy. Fill out the online form.

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BBQ Patio
BBQ Patio

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.