Do you own a historic house that needs structural renovation? Did you know the city offers help by giving you a tax break so you can invest those funds in your historic home?
If your home is designated as a City of Los Angeles Historic Cultural Monument, or a contributing structure in a designated Historic Preservation Overlay Zone, it may qualify under the Mills Act Historical Property Contract Program operated by the City of Los Angeles Office of Historic Resources. Homeowners who qualify can receive a property tax reduction and use the savings to help rehabilitate, restore and maintain their buildings.
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, more than 700 properties have benefited from the program.
The City has an annual deadline for Mills Act applications. This year, it’s March 1, 2016. Applications will be prioritized based on how the Mills Act will be used to assist the viability of the project.
If you think your home might qualify, visit the City Office of Historic Resources website for more information.