la lofts mills act – Page 5

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.

<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 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.

LA Lofts Mills Act Benefits

While some have never heard of the Mills Act, it presents some real advantages for Los Angeles loft owners, and can really save a very large amount of money on taxes. #millsact #la MILLS ACT LOFTS FOR SALE | MILLS ACT RECENTLY SOLD

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:

<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]

Mills Act Historic Core Downtown Los Angeles

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Historic Higgins Building Loft comes on Market with Mills Act Tax Savings

LA Lofts Mills Act – Downtown LA Lofts

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