Mills Act keeps property taxes low for historical buildings in San Francisco
We thought you might be interested to know about the Mills Act. It is a program that could help you lower property taxes if your home becomes designated as a historical site. Of course, there are always drawbacks. Once designated, you may have limitations on what you and the people you sell to can do with the property with regards to remodels later on. But the property tax savings can be significant. Here's what the Office of Historic Preservation says:===================================
The Purpose of the Mills Act Program
Economic incentives foster the preservation of residential neighborhoods and the revitalization of downtown commercial districts. 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.
Enacted in 1972, the Mills Act legislation grants participating local governments (cities and counties) the authority to enter into contracts with owners of qualified historic properties who actively participate in the restoration and maintenance of their historic properties while receiving property tax relief."
Read more here.
- Mick Orton
posted by SFResidence.com @ 7:46 AM
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