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What is the Mills Act for Historic Preservation?

Posted by: raindrop 4 years, 12 months ago

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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 dave@coronado-realty.com.

 

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