What is the Mills Act for Historic Preservation?
Posted by: raindrop 7 years ago
The Mills Act is California Legislation passed in 1971 designed to encourage the preservation of Historic Properties.
Essentially, the Mills Act is a contract between a property owner and the City in which property tax reductions are exchanged for the property owners’ agreement to maintain the historic façade of a building. The Mills Act is named for Coronado’s own Senator Jim Mills who crafted the legislation.
To be eligible for Mills Act contracts, a property must be historically designated (local, state or national), and in the City of Coronado must be approved by the Historic Resource Commission for a Mills Act contract.
Mills Act contracts are for a minimum of 10 years, and transfer with the property. Historically in the City of Coronado, Mills Act property owners have enjoyed up to a 75% property tax reduction. More recently, in an effort to reduce the backlog of properties waiting for Mills Act contracts, the benefit has been reduced to roughly 50%.
The Mills is an ingenious way to help property owners maintain historic properties and to ensure that the historic fabric of a neighborhood is maintained.
For more information on the Mills Act, please give us a call (619)435-0145 or email us at email@example.com.
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