While some have not have heard of the Mills Act, it presents some real advantages for L.A. loft owners, and can really save a very large amount of money on taxes. #millsact #la
Benefits of Owning a Mills Act Loft
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 home owners 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 building need major restoration.
The Mills Act offers a substantial reduction in property taxes for owners of qualified historical properties provided that they agree to preserve, restore, rehabilitate, and maintain the historical and architectural character of their properties. Many owners report that they save about 2/3 off of their property taxes. The formula is complex, and may vary, so prospective Mills Act home buyers should check with the city, county and a tax professional to determine what the real savings may be.
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 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.
Get a free list of Mills Act approved Loft buildings in Downtown Los Angeles. Fill out the online form:
Renters continue to pour into Downtown Los Angeles. The L.A. Loft Blog team receives up to 100 calls per day from prospective new Downtowners who are searching for a good deal on a cool Downtown loft, hip condominium or chic apartment with high ceilings, lots of windows and natural light, no carpet, and walkable to restaurants, coffee, shops, bars, pubs, entertainment and Metro transportation.
The biggest problem for prospective Downtown renters is that most of the best deals are hard to find, and difficult to access. The most amazing lofts with the lowest rents are often unadvertised, they don’t cooperate with agents, and they have waiting lists, so they don’t always answer the phone. One new well-designed apartment complex in the Arts District is already rented out at 95% capacity before construction is even completed. The rent is as high as $3,000 for around 600 square feet.
Beat Out Other Renters To the Best Deals
It is possible to get access to rental bargains that other renters have no clue about. Most renters are unaware that they can get free assistance from a Downtown rental specialist for many of the best condos in Downtown. Rather than missing out on the perfect place, renters can even get help with ALL of the rentals, get priority viewings and save hundreds or thousands of dollars on rent. It’s called the L.A. Loft 3-Hour Tour, and is an absolute must for anyone moving to Downtown L.A. from out of town, or those who would like to get three weeks worth of searching done in 3 hours. Check it out at http://www.LALoftTour.com
Get information on the new Garey Building apartments in the Arts District. Fill out the online form:
The L.A. Loft Blog has just learned that some off-market properties such as Market Lofts, Beacon Lofts, Santee Village, Bunker Hill Tower, Alta Lofts and Evo are expected to come available soon. Some of the units are already showing to buyers – call (213) 880-9910 to see them beginning Tuesday, July 5. #downtownla #lofts
Some of these buildings represent great deals because the sellers are concerned about various issues such as HOA litigation, developer lawsuits, water damage and other motivating factors that can help buyers get great deals. Most of them are finished lofts and ready to move in, while some may require less touch-up than the average fixer or raw loft.
Get free information on Downtown Pocket Listings. Fill out my online form:
Downtown L.A. is home to the largest number of industrial and commercial live-work lofts in Southern California.
These special homes were created by converting work buildings into amazing residential condominiums and apartments under the City of Los Angeles Adaptive Re-Use Ordinance.
Home buyers can visit open houses to see if they like the openness and architecture of lofts. The LA Loft Blog has lots of resource to help buyers, sellers and renters. Traditional condos are also popular in Downtown, and now that Downtown prices have risen faster than the surrounding neighborhoods, lofty houses and condos outside of Downtown are more often a practical choice. Find out more at DOWNTOWNLALOFTS.ORG also don’t forget to take advantage of free access to lofts that are not on the Internet, such as unlisted Downtown lofts, off-market properties and Downtown loft pocket listings. Fill out the online form:
Downtown Los Angeles Real Estate
Free Information Resource Library
Get ready for DOWNTOWN LOFT INFORMATION OVERLOAD!!! Do you have an insatiable appetite for real estate information about Los Angeles lofts and condos in the Downtown area? If so, you will love all of these many free services with lists of properties for sale and for lease, along with good deals and lists of buildings with condominium homes for sale and for lease. If you prefer an easy shortcut to the best deals from all Downtown real estate companies, simply CLICK HERE or visit https://laloft.wufoo.com/forms/best-deals-downtown-la-get-vip-insider-access/
HOME SELLERS LIBRARY:
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Get FREE Instant Access to all of the SELLER resources listed below (as well as an extensive list of BUYER resources as well).
No matter what your situation, these links are sure to help you sell your home quickly, with less hassle, for the best possible price.
To help home sellers deal with this issue before their home is listed, a free report entitled “11 Things You Need to Know to Pass Your Home Inspection” has been compiled which explains the issues involved.
717 Olympic – 717 W Olympic Blvd, 90015 8th and Hope – 801 S. Hope St, 90017 American Cement Building Lofts – 2404 Wilshire Blvd, 90057 Apex – 900 S Figueroa St, 90015 Ava Little Tokyo – 236 S. Los Angeles St, 90012
Avant South Park – 1360 S. Figueroa St, 90015
Artisan on 2nd – 601 E 2nd St, 90012 Brockman Lofts – 530 W 7th St, 90014
Canvas L.A. – 138 N Beaudry Ave, 90012
Chester Williams – 215 W 5th Street, 90013
City Lights on Fig – 1300 S Figueroa St, 90015 Chapman Flats – 756 S. Broadway, 90014
Continental Lofts – 408 S Spring St, 90013 Elysian – 1115 Sunset Blvd, Los Angeles, CA 90012 Emerson – 225 S Grand Ave, 90012 Emil Brown Building – 308 East 9th St, 90015 Factory Place Lofts – 1308 Factory Place, 90013
Grand Central Square – 306 W 3rd St, 90013
Gas Company Lofts – 810 S Flower St, 90017
Great Republic Lofts – 756 S Spring St, 90014
Hellman – 411 S Main St, 90013
Jeffries Lofts – 117 Winston St, 90013 L.A. Loft Tour – (213) 478-0499 http://www.LAloftTour.com
Lacy Studio Lofts – 2664 Lacy St, 90031
Long Beach Avenue Lofts – 1250 Long Beach Ave, 90021
Medallion – 334 S Main St, 90013
Medici – 725 S Bixel St, 90017 MegaToys Lofts – 905 E 2nd St, 90012 Mercantile Lofts – 620 S Main St, 90013
Met Lofts – 1050 S Flower St, 90015
Metro 417 – 417 South Hill Street, 90013
Metropolitan – 315 West 5th Street, 90013
Milano Lofts – 609 S Grand Ave, 90017
Mozaic at Union Station – 888 N Alameda St, 90012
Museum Tower – 225 S Olive St, 90012 One Santa Fe – 1 Santa Fe, Los Angeles, CA 90012
Orsini Apartments – 550 N Figueroa St, 90012
Pacific Electric Lofts – 610 S Main St, 90014 Packard Lofts – 1000 S Hope St, 90015
Pegasus – 612 S Flower St, 90017
Peterson and Tansey Lofts – 1250 Long Beach Ave, 90021
Piero – 312 E 12th St, 90015
Promenade Tower – 123 S Figueroa St, 90012 Roosevelt Lofts – 727 W. 7th St, 90017
San Fernando – 400 S Main St., 90013
Santee Court – 716 S Los Angeles St, 90014 SB Grand – 312 W. 5th St, 90013
South Park Lofts – 818 South Grand Ave, 90017 Spring Arcade – 541 S Spring St, 90013 Title Guarantee – 411 5th St #1200, 90013
Union Lofts – 325 W 8th St, 90014
Visconti – 1221 W 3rd St, 90017 Watermarke Tower – 705 W 9th St, 90015
Get FREE access to the best deals in Downtown LA. Fill out the online form.