Property tax reductions result when the property tax amount that is based on the Mills Act value is compared to the previous property tax amount. Properties that have been under the same ownership for a long time e. Is my building eligible for the Mills Act without local historical designation? No; local historical designation is required before you can enter into a Mills Act agreement. What is the term of the Mills Act agreement? The terms of Mills Act agreements are established by state law.
The initial term of the agreement is ten years. The agreement is automatically renewed each year for an additional year, and changes the expiration date so that 10 years is still left in the term of the agreement. The legislature subsequently passed an enabling statute commonly referred to as the Mills Act, which 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 in exchange for receiving property tax relief.
The amount you save will depend on your property's location, size, and comparable rents in the area. In general, properties that have been under the same ownership for a long time e.
The amount of the reduction in assessed value is determined by the Assessor's Office based on statutory guidelines. Email us, the fastest way to contact us. Supplemental Assessments. Non Profit Churches Non-Profit. A: First, find out if your local government participates in the program.
Use the Mills Act Contacts list to find out if your local government participates in the Mills Act Program, what the local criteria are, and what the process is for applying. Q: No, my local government does not currently participate. Now what do I do? A: The Mills Act allows local governments to design preservation programs to accommodate specific community needs and priorities for rehabilitating entire neighborhoods, encouraging seismic safety programs, contributing to affordable housing, promoting heritage tourism, or fostering pride of ownership.
A formal agreement, generally known as a Mills Act or Historical Property Contract, is executed between the local government and the property owner for a minimum ten-year term. Contracts are automatically renewed each year and are transferred to new owners when the property is sold. Property owners agree to restore, maintain, and protect the property in accordance with specific historic preservation standards and conditions identified in the contract.
Periodic inspections by city or county officials ensure proper maintenance of the property. Local authorities may impose penalties for breach of contract or failure to protect the historic property. The contract is binding to all owners during the contract period. A: Owners of historic buildings may qualify for property tax relief if they pledge to rehabilitate and maintain the historical and architectural character of their properties for at least a ten-year period.
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