Mills Act Downtown Los Angeles – Page 3

Downtown Industrial Lofts Like the Little Tokyo Lofts For Sale and Lease.

Little Tokyo Lofts are attractive to those with an individual aesthetic. This modified industrial space boasts soaring ceilings and hardwood floors. Light flows through the large steel casement windows accentuating the open floor plans. Gourmet kitchens provide granite counters and maple cabinets. Outdoors you’ll have an interior garden courtyard, heated pool with sun deck and a hot tub spa. Gated garage parking and free covered guest parking are accessed via a private pedestrian archway and security maintains a 24-hour presence. And for the love of one’s life, Little Tokyo Lofts offers a dog run.

Industrial live/work loft with warehouse character. Little Tokyo Lofts Condominium Unit Top Floor Penthouse Level with Private Balcony, Real Fireplace, Deeded Parking Space and plentiful Free Guest Parking. Covered patio balcony, historic Westinghouse Electric building converted into live/work condominiums. 11 ft high ceilings, concrete pillar columns, large windows with original hardware and natural light, hardwood and concrete floors, newer in-unit laundry washer and dryer, stainless steel kitchen appliances with gas stove, open loft with a separated extra large bed area and large walk-in closet, central air A/C and heat. Historic building with substantial Mills Act property tax benefits. Building amenities include a heated pool, hot tub spa, outdoor grill, electric car chargers, guard-gated parking, free guest parking, 24-hour security concierge and a fitness room. Near shopping, dining, and entertainment, including the beautiful Japanese Village Plaza shopping promenade and countless top restaurants of Little Tokyo.

The Seafood District/ Little Tokyo neighborhood is known for its abundance of fish markets and seafood restaurants, residing in the majority of this neighborhood’s commercial buildings. Situated in the heart of Downtown Los Angeles, between the Flower District and Arts District, this neighborhood offers the best fresh fish in town!

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Take a trip to a counter-serve joint known as Fisherman’s Outlet, This casual seafood market and restaurant offer seafood classics that both locals and visitors rave about. But seafood isn’t the only perk of this neighborhood.

LITTLE TOKYO LOFTS FOR SALE | FOR LEASE | UNLISTED | SOLD

APPROVED MILLS ACT HISTORIC BUILDING TAX BENEFITS

The building is almost perfectly square with an interior courtyard. It is built of steel and poured concrete and has a plain facade with a smooth surface. In the center of the building, there is a prominent tower which is balanced by smaller towers on each side of the front facade.

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LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

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.

Mills Act Properties are worth the effort to save.

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 loft home, put more money down at purchase to reduce monthly mortgage payments, trade up to a larger loft, or even just put it in your pocket. But, buyers should also be prepared and save some of the money for potential special assessments in the future should build need major restoration.

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. The Mills Act Program is administered and implemented by local governments. Mills Act contracts are between the property owner and the local government granting the tax abatement.

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Each local government establishes its own criteria and determines how many contracts it will allow in its jurisdiction. For answers to specific questions such as local eligibility criteria, application procedures, and contract terms, contact the city or county official for your jurisdiction

MILLS ACT LOFTS FOR SALE | MILLS ACT RECENTLY SOLD

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.

Despite its clear and considerable value, the Mills Act had been implemented by only twenty-five Los Angeles County jurisdictions as of March 2014. Fortunately, DTLA is included currently. The County of Los Angeles is currently in the process of establishing a Mills Act program that applies only to unincorporated areas. Cities in the county get the first say in applying the mills’ act to their jurisdiction.

Since the Mills Act is typically the only economic incentive tool available to local jurisdictions, the existence of a program at the local level is a good indicator of a particular jurisdiction’s commitment to historic preservation.

Tell us how you would take advantage of the mills’ act with your historic loft building. Leave a comment here.

Little Tokyo Lofts is a Mills Act Property in the DTLA market. Find others. Fill out the online form.

Participants in the program 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.

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LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

Tag: Mills Act Downtown Los Angeles

Lofts for Sale at Little Tokyo 420 S San Pedro #631 Los Angeles, CA 90013

Mills Act Loft Building in Downtown Los Angeles Spend Your Money on Renovations Not Taxes

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