Category: Mills Act

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TOP POSTS & PAGES From Mills Act, To For Sale Industrial Lofts In DTLA

See all our top ten posts below for the last week.

Mills Act Downtown Los Angeles
Mills Act Downtown Los Angeles

Here are the 10 most popular posts from this week.  Mills Act Continues to be one of our most popular topics at LA Loft Blog.  As you can see from the list we cover a variety of interests and topics about DTLA.  LA Loft Blog has a passion for all things downtown be it street fares, streetcars, or real estate.  #AltaLofts

TOP POSTS & PAGES

#millsact

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 homeowners 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 a building need major restoration.

Mills Act Buildings offer tax savings based on several conditions.  Get the facts for free.  Fill out the online form.

 

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2-Story Lofts
alta-lofts Los-Angeles one of our most popular industrial loft buildings click to view what’s for sale.

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.

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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.

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | Popular | Luxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

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.