Mills Act – Page 22 – LA Loft Blog

We receive significant interest in Mills Act properties in the downtown core. It is a great place to find a valuable property in a historic building that qualifies for the mills act tax savings. We want to remind everyone that eligible properties can be found all over the state. It is fun to see them in other locations. A beachfront home in Laguna Beach, once owned by Betty Davis, is one of these properties.

A $3 million price chop might help Bette Davis’ former Laguna Beach home finally sell.

Canadian investment manager Richard Wernham has put the 5,472-square-foot home at 1991 Ocean Way on the market for $16.995 million, according to Dirt.

Wernham first put the home up for sale in April with an asking price of $19.995 million. The house was then re-listed in July for $18.995 million.

The oceanfront mansion, built in 1929, was added to the National Register of Historic Places in 1982. Being a historic home, the property comes with a 10-year Mills Act contract that allows homeowners to receive reduced property taxes in exchange for preserving the home.

#millsact #entarispowerful

Fill out the online form to get Mills Act Properties on the market in DTLA.

The former Davis property is not the only home in the prestigious coastal city to see price reductions in recent months.

This month, a 1998-built home in Laguna Beach sold for $37.5 million after it was first put on the market in July for $48.9 million, in what was the third-priciest deal across Orange County this year.

<a href="https://laloft.wufoo.com/forms/ze1qfwn1rrhoda/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

Copyright © This free information provided courtesy L.A. Loft Blog with the information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association, or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com, Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental. This is not a solicitation if the buyer or seller is already under contract with another broker.

While there are many buildings that are already approved for Mills Act Status. There is an application homeowner can use to apply to extend the tax status to new buildings.

Each city and county (unincorporated Los Angeles County) may have different procedures for local historic designation. Contact the Planning Department or Community Development of your local government to confirm whether they participate in the Mills Act Program, the criteria that would need to be met, and the application process. Your building may already be considered a contributing structure to an established historic area. Also, many buildings that were not designated as historic on past surveys may now be eligible to qualify as historic.

The Mills Act program is for property owners who are actively rehabilitating their properties or have a plan to do so that is compliant with the Secretary of the Interior’s Standards for Rehabilitation and the California Historical Building Code.

The City will only be accepting applications for properties that prove they need significant rehabilitation or restoration work. The proposed work to rehabilitate or restore the property shall be equal to or greater than the total expected tax savings.

For applicants who are just starting their rehabilitation project, all work shall be completed within the first 10 years of the contract. Owners who enter into a contract and do not rehabilitate or maintain the property are subject to the City canceling the contract and the County Auditor collecting the 121⁄2 percent of the current fair market value penalty against the property. Recently completed projects shall be defined as projects completed in the 12 months prior to the application being submitted.

#millsactapplication #entarissmarter

Have you applied for the Mills Act Tax status, what was your experience? #comment

Properties throughout the state can qualify. Fill out the online form to see properties in the southland. The type of properties that qualify extend beyond live/work lofts in DTLA.

Link to LA City Mills Act Application.

<a href="https://laloft.wufoo.com/forms/mw3zpa8194wor8/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]