Tag: mills act california rules

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Mills Act Application – Will Your Property Qualify?

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.

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The application for mills act status could be worth the effort of looking into the process

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.

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Downtown Los Angeles Neighborhoods and the Mills Act Properties that Benefit Owners: Rapidly Evolving

Mills Act Historic Core Downtown Los Angeles

As The Arts District and Greater Down Town Los Angeles. transforms into expensive luxury neighborhoods, prospective home buyers must put more effort into finding the best deals on amazing lofts. The Mills Act lofts can make it easier to find a great deal by providing property tax benefits that can represent a great deal on a home in Downtown L.A.  #millsact #downtownlosangeles #lofts

Not ready to buy? Check out our building index for Lofts and Condos available to lease.

BISCUIT COMPANY LOFTS FOR SALE   |   FOR LEASE   |   UNLISTED   |   NEW

The Mills Act economic incentive program helps private homeowners, including loft condominium unit owners in California with the restoration and preservation of qualified historic buildings. For L.A., the program is administered and implemented by the City of Los Angeles. Mills Act contracts are between the property owners (HOA for condo buildings) and the city and county government granting the tax abatement.   |   REQUEST LIST

The Mills Act helps Los Angeles city hall to design preservation programs to accommodate Downtown and the entire city’s needs and priorities for rehabilitating its neighborhoods, encouraging seismic safety programs, contributing to affordable housing, promoting heritage tourism, and fostering pride of ownership. The city and neighborhoods get economic benefits of conserving resources and reinvestment as well as playing an important role in historic preservation for revitalizing older areas, creating cultural tourism, building civic pride, and retaining the sense of place and continuity with the community’s past.  |  MILLS ACT HOMES FOR SALE   |   MILLS ACT RECENTLY SOLD

Each local government establishes its own criteria and determines how many contracts it will allow in its jurisdiction.  

Not sure if you are already on the list or if your information is current? Check out the Mills Act Contacts List.

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  Lofts For Sale     Map Homes For Sale Los Angeles

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

Shopping for a new loft? Look for a Mills Act Property to score a bargain.

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.