Thursday, May 5, 2016

What is the Mills Act?

The Mills Act allows a reduction in property tax on historically designated property. The legislation is not state mandated; each city has the option of implementing the Mills Act and can tailor the program to the needs of the individual community.
 
Mills Act Agreements are contracts that provide a reduced property tax to a homeowner in exchange for preservation of a Historic Resource. Non-historic additions and new construction are excluded from the Mills Act property tax reduction.
 
Mills Act Agreements are a ten (10) year contract, renewed annually. This means that on the anniversary date of the agreement, a year is added automatically to the initial term of the agreement, keeping the agreement perpetually ten (10) years from expiration.
 
Mills Act as Agreements run with the land and will continue to be valid upon a change of property ownership. Homeowners considering applying for a Mills Act agreement should be aware the program is subject to change as deemed necessary by the City Council.
 
Tim Brodowski, MBA, CNE, GRI, BPOR, CIEA, MilRes Spec
Call/Text 858-354-2354
Email TimBro97@aol.com
www.TimBroHomes.US
BRE #1224576
                                       

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