In Historic View Park, The Mills Act Could Reduce Your Taxes
In 2016, View Park was listed on the National Register of Historic Places after an incredible effort led by the View Park Conservancy and the community, putting it on the map as the largest historic district in the country. Along with this great honor comes a few fantastic incentives for homeowners and potential buyers to preserve and enhance the authentic character of the neighborhood.
The Mills Act, named “the single most important economic incentive program in California for historic restoration” was enacted in 1972 for the preservation of qualified historic buildings by private property owners. The legislation grants participating local governments (cities and counties) authority to enter into contracts with owners of qualified historic properties and grant them property tax relief if they actively participate in the restoration and maintenance of their properties.
What does that mean for you if you’re living or thinking about buying in historic View Park? Mills Act participants may realize substantial property tax savings, between 40% to 60% each year for newly improved or purchased older properties, if they pledge to rehabilitate and/or maintain the historical and architectural character of their property for at least a ten-year period.
We live and work in View Park, and we are active participants in its culture and policies. We would be happy to talk with you and provide more guidance and information on all that this vibrant community has to offer.
(424) 354-4224 team(at)aotchomes(dotted)com