Program Offers Incentives for Restoration of Historic Properties
2015-06-23 · By Editor
As part of the revamped Mills Act Property Tax Abatement Program (Mills Act), an economic incentive program for historic properties, the public is invited to attend two important events to learn about how to qualify and apply for tax benefits while also preserving the City’s designated landmarks.
- Pre-Application Workshop, Saturday, June 27, 2015, at 10:30 am at the Long Beach Public Library Lobby, 101 Pacific Ave.
- Application Workshop, Saturday, July 11, 2015, at 1:30 pm at the Burnett Neighborhood Library Community Room, 560 E. Hill St.
“Reinstating this important program will help to protect the City’s historic sites, and provide property owners with substantial savings each year,” said Mayor Robert Garcia. “This significant effort reflects our strong commitment to historic preservation and dedication to upholding the rich heritage of Long Beach.”
On January 6, 2015, the City Council approved revisions to the Mills Act to provide more opportunities for eligible historic property owners. The Mills Act is a State program that is administered and implemented by local governments, and offers economic incentives to qualifying owners of historic or designated landmark sites upon agreement to rehabilitate, restore, and protect their property.
Under the Mills Act contracts, private owners receive tax relief in exchange for proper maintenance and preservation of the historical and architectural character of the property for a revolving 10-year term.
The Pre-Application Workshop will feature an overview of the Mills Act and eligibility requirements. The event will also include a review of the process for preparing an application and calculating individual property tax savings. The Application Workshop will provide more specific information geared toward those interested in proceeding with the application process.
All potential applicants or their representative must attend the Pre-Application Workshop. Mills Act applications are processed once a year, during the application period. The deadline to submit an application is Friday, July 17, 2015.
The Mills Act is especially beneficial for recent buyers of historic sites and current owners of historic buildings who have made major improvements to their property. Since going dormant in 2006, review of the City’s Mills Act Program and existing contracts has been underway, in accordance with historic preservation standards and specific contract requirements.
There are currently 34 properties with Mills Act contracts in Long Beach.
For questions regarding the Mills Act, please call 562.570.6288 or e-mail email@example.com. For additional information about the Program, visit www.lbds.info/millsact/. To view a copy of the Historic Preservation Element, go to www.lbds.info/planning/historic_preservation.