Mills Act Agreement San Diego: What You Need to Know

San Diego is a city filled with historic buildings and landmarks, and the Mills Act Agreement is a program that offers significant property tax savings to owners of designated historic properties in exchange for the preservation and restoration of these properties.

What is a Mills Act Agreement?

A Mills Act Agreement is a contract between the owner of a historic property and the city or county in which the property is located. The agreement provides the property owner with a significant reduction in property taxes in exchange for the owner`s commitment to preserve and maintain the historic features of the property.

How does the Mills Act Agreement work?

Under the Mills Act Agreement, the property owner agrees to maintain the property in a manner that preserves its historic character. This includes the restoration of historic features and the use of appropriate building materials. In return, the property owner is eligible to apply for a reduced property tax rate that is based on the property`s historic value rather than its current market value.

Who is eligible for the Mills Act Agreement?

Not all historic properties are eligible for the Mills Act Agreement. To be eligible, a property must be designated as historic by the city or county in which it is located. The property must also be privately owned and used as a residence, and the owner must agree to maintain the property in a manner that preserves its historic character.

What are the benefits of a Mills Act Agreement?

The most significant benefit of a Mills Act Agreement is the property tax savings that it provides. In many cases, the property tax savings can be substantial, allowing property owners to save thousands of dollars each year. Additionally, the Mills Act Agreement provides property owners with an opportunity to contribute to the preservation of San Diego`s historic buildings and landmarks.

How can you apply for a Mills Act Agreement?

To apply for a Mills Act Agreement in San Diego, property owners must submit an application to the city`s Historical Resources Board. The application must include a detailed description of the property`s historic features and a commitment to preserve these features. Once the application is approved, the Mills Act Agreement will go into effect, and the property owner will be eligible for the property tax savings.

Conclusion

The Mills Act Agreement is an excellent program for property owners who are passionate about preserving San Diego`s historic buildings and landmarks. By providing significant property tax savings, the program incentivizes property owners to maintain the historic character of their properties, ensuring that these buildings will be enjoyed by future generations. If you own a designated historic property in San Diego, the Mills Act Agreement may be an excellent option for you to explore.

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