Mills Act Tax Savings for Downtown LA Lofts

What is the Mills Act Program?

Biscuitt Company Lofts Big Windows
Biscuitt Company Lofts Big Windows

Q: What is the Mills Act Program?
A: Economic incentives foster the preservation of residential neighborhoods and the revitalization of downtown commercial districts. The Mills Act is the single most important economic incentive program in California for the restoration and preservation of qualified historic buildings by private property owners.  Enacted in 1972, the Mills Act legislation 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 while receiving property tax relief.

Mills Act participants can realize very fruitful property tax savings each year for recently improved or purchased old properties because the valuation of a Mills Act property is determined by the Income Approach to Value rather and not by the common Market approach to calculating the appraised value. The Income Approach, divided by a capitalization rate, gives the assessed value of the property. Generally, the income potential for an owner-occupied residential property is calculated by looking at rental rates for comparable nearby properties, while the income from a commercial property is based on actual rent received. Because rental values vary greatly, the actual Mills Act historic property tax savings may vary.

 

Biscuitt Comany Lofts Deck
Biscuit Company Lofts Deck

Spotlighting a Mills Act property on the Market look no farther than this brilliant unit in the Biscuit Company Lofts.  Designer perfect, turnkey, 2 story Penthouse at the Biscuit Company Lofts. Located in the epicenter of DTLA’s Arts District within close proximity to all of the best restaurants, coffee shops and soon to open Soho House. No expense was spared while turning this incredible residence into truly one of the finest in the neighborhood. Notable features include a private terrace with incredible West facing panoramic downtown views of the DTLA skyline, original brick walls, wood floors, stainless steel kitchen, and 2 full bathrooms. Considered one of the finest buildings in the Arts District, the Biscuit Company Lofts offers 24 hour-controlled entry, security guard, and concierge services. A resort-like swimming pool, outdoor entertaining area, fire pit, BBQ, dog walk, a two-level gym & 2 parking spaces round out this special offering. Mills-Act approved.

#MillsAct #PenthouseLoft

Would you like to know more?  Mills act buildings Lofts are available now get the free list.  Fill out this online form.

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Biscuitt Company Lots Pool Deck
Biscuit Company Lots Pool Deck

Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com  Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

Downtown Lofts For Sale How Do You know You are getting The Right Price

View of Downtown from arts district Biscuit Company Loft # 514

Los Angeles home prices have seen strong gains over the past several years. Downtown prices, of course, outperformed the rest of Los Angeles County, as well as Orange County and across the entire U.S.

When getting ready to sell homeowners should get a clear evaluation of the market conditions and comparisons when seeking to set a price for their home.  For example, if you are listing your Loft in the Arts District then you should get a comparison of Prices from the neighborhood.  Setting the right price will help get your home sold quickly and for the best price.

Knowledge is power.  This is a situation where you want to be armed with the facts to ensure you sell with confidence.

#LoftforSale #LoftPrices

Get a Free Home Price Evaluation with no obligation.  Fill out the online form.

 

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

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SEARCH LOFTS FOR SALE Affordable | PopularLuxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking


120 S HEWITT Street #12

Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com  Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.