Some of the city’s tallest skyscrapers and other significant destinations cohabitate the Financial District which is also home to the 7th St/Metro Center station, which is served by the Metro subway system. The Financial District is known for being home to numerous corporate headquarters. It is a convenient live/work neighborhood. Popular nearby locations include the Los Angeles Public Library, Staples Center, LA Live!, Macy’s, Walt Disney Concert Hall, Los Angeles Convention Center, 7th Street/Flower Station, Ralph’s, and Standard Hotel. #LibraryCourt #FinancialDistrict
The Library Court Lofts building is within walking distance of numerous shops, restaurants, cafes, schools, and other amenities. Located on the corner of Sixth and Hope Streets, in the Financial District in downtown Los Angeles. This one Bedroom Unit is currently on the market and would make a fine home for an enterprising individual or couple looking for a well-appointed loft in the heart of Downtown Los Angeles.
Some buildings offer owners a great tax break called the Mills Act. Get a list of buildings that qualify by filling out the online form.
For Downtown Los Angeles real estate, prospective home buyers want to know what the Mills Act is. #millsact #whatisit #dtla
What is Mills Act?
The California state law was created to help cities and property owners to better preserve beautiful historic buildings by providing financial assistance in the form of reduced property taxes. In return for developers restoring, and then for the home owners maintaining structures with their original architecture, the homeowners usually report savings of about 66% off of their annual property tax bill. That means they only pay about 1/3 of the typical amount. That’s a savings of thousands of dollars per year, or tens of thousands of dollars over the average residential stint, potentially hundreds of thousands of dollars of savings over the lifespan of he property.
There are some great historic buildings in Downtown L.A. Many of these have been converted to condominiums that are cultural monuments in designated Historic Preservation Overlay Zones. The home owners receive inancial incentives that can help to rehabilitate, restore and maintain the buildings. The City of Los Angeles provides assistance.
The Mills Act is easily the most powerful economic incentive program in California for the restoration and preservation of historic buildings by private property owners. Enacted in 1972, the Mills Act legislation grants participating local governments (cities and counties) authority to enter into contracts with owners of qualified historic properties who actively participate in the restoration and maintenance of their properties to receive property tax relief. The City of Los Angeles adopted local Mills Act legislation in 1996. Since then, nearly 900 properties have benefited, and thousands of homeowners have financially gained from the program.
A formal agreement known as a Mills Act or Historical Property Contract is executed between the City of Los Angeles and the property owner for a revolving ten-year term. Contracts are automatically renewed each year so that the term of the contract always extends for ten years. Property owners agree to restore, maintain, and protect the property in accordance with specific historic preservation standards and conditions of the contract. Periodic inspections by 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 following owners.
Benefits to Owners
The Mills Act program is especially beneficial for recent buyers of historic properties and for current owners of historic buildings who have made major renovations to their properties.
Valuations of Mills Act properties are determined by an Income Approach to Value. The Income Approach, divided by a capitalization rate, determines the assessed value of the property.
