MillsActLA.com — City of Los Angeles program that will save you significantly on your property taxes while helping to maintain the authentic integrity of an historic California building? The Mills Act is a California law allowing cities to enter into contracts with the owners of historic buildings. Such contracts involve a reduction of property taxes (sometimes up to 66% or more) in exchange for the continued preservation of the property.
Mills Act Historical Property Contract Program
A formal agreement, generally known as a Mills Act or Historical Property Contract, is executed between the City of Los Angeles and property owners for a revolving ten-year term. Contracts are automatically renewed each year so that the term of the contract always extends for ten years. Builders and homeowners agree to restore, maintain, and protect the property in accordance with specific historic preservation standards and conditions identified in the contract. Periodic inspections by LA City and County officials ensure proper maintenance of the property. The City may impose penalties for breach of contract or failure to protect the historic property. The contract is transferred to new owners if the property is sold, and is binding to all successive owners.
The list of Downtown L.A. Mills Act properties is always changing. Here is an example of one that has recently come on the Market, Located in the historic Higgins Building, diagonal from Parker Center in beautiful, vibrant Downtown LA. Live/Work corner Loft with high ceilings, concrete floors, huge windows with Disney Hall and Downtown Skyline views. The building was restored to its prime with original Classic Beaux-Arts Architecture with Mosaic Tile Flooring, Zinc Covered Doors and Windows Imported Marble Wainscoting Throughout Hallways. Building features Rooftop Common Area and Security Guarded Entrance. Walk to local parks and attractions and become part of LA’s urban lifestyle. Mills Act approved building with significant property taxes breaks.
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The list of Downtown L.A. Mills Act properties is always changing. To get a current list of properties covered by the Mills Act fill out this online form.
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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.
