THE MILLS ACT

The Mills Act - Historic Home Tax Incentives - Saving money with The Mills Act



HISTORIC HOME TAX INCENTIVES - The Mills Act

 

Saving Money with the Mills Act

Are you concerned about how youll afford to maintain your Historic Long Beach CA Real EstateThe Mills Act makes preservation easy!  This 10 year ˜endlessly renewable contract with the city provides tax incentives to owners of Long Beach Historic Properties.

 

The Mills Act

Since 1972, The Mills Act has provided deep tax discounts to owners of historic Long Beach CA Real Estate.  This legally binding 10 year ˜endlessly renewable contract helps homeowners afford maintenance and restoration of historically and architecturally significant properties.

 

 

 

All Qualified Historic Structures Benefit

In 1972, historian, writer and statesman, Jim Mills, introduced this little known bill.  It grants tax discounts ranging from 24 to 60 percent to owners of qualified historic structures.  All designated historic buildings may apply!  Whether you live in your historic single family residence or use it as an income producing commercial enterprise¦you may qualify for tax benefits under The Mills Act.


Good for You¦Good for the Community

Returning tax money to you benefits everyone.  It creates incentive to purchase and restore beautiful homes and neighborhoods within the community.  When you purchase restoration materials, local businesses thrive.  Property values go up!  Neighborhoods are strengthened as standards of living increase.  And neighborhood enhancements stimulate community pride.

 

Long Beach California Real Estate The Willmo House

Promising to Maintain and Preserve Your Historic Property

When you sign a Mills Act contract, you are promising to maintain and preserve your historic property following predetermined standards.  This is to protect the value of your investment while assuring the communitys overall historic integrity.  Modifications to your home or building should respect the structures original historic and architectural character¦while changing it as little as possible!



Everyday maintenance and General Repairs

Zoning requirements, building codes, development and owner entitlements remain the same for all neighborhoods.  Everyday maintenance and general repairs that dont affect your homes overall construction or design are not regulated.

 

Buying or Selling a Mills Act Home

Are you buying or selling a home that comes with an existing Mills Act contract?  Lucky you!  As a buyer, youll assume the Mills Act contract along with purchase of your home ' and benefit from tax savings already in place.  Selling a Mills Act home means increased marketability of an already desirable property. 

 

The Long Beach Office of Historic Preservation has temporarily suspended granting Mills Act status until sometime in late 2009 while they re-organinze; at which time a small non-refundable fee will be implemented to assist in covering costs.  For further information contact:  Jan Ostashay at the Long Beach Historic Preservation Services (562) 570-6864

 



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Posted on January 26, 2008 15:44:13 by Laurie Manny Professional Group
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To begin your search for the perfect home or to sell your home in the Long Beach area, begin your journey by calling Laurie Manny at (562) 212-5420.