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04-17-19 CHB Report 03
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04-17-19 CHB Agenda
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\Board and Commissions Administration\Boards and Commissions-Agendas-Reports-Minutes\Cultural Heritage Board\Agendas\2019
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04/05/2019 <br />HOW DOES THE MILLS ACT BENEFIT OWNERS <br />OF HISTORICAL PROPERTIES? <br />• Property tax savings - between 40% <br />and 60% each year <br />• Mills Act properties may realize <br />slight increases in property tax <br />saving each year <br />• Beneficial for owners of historic <br />properties who are planning major <br />improvements to their properties <br />3 <br />RiversideCA.gov <br />HOW THE MILLS ACT GENERALLY WORKS <br />• City enters into a contract with the owner of a <br />property to restore, rehabilitate, or maintain their <br />property in exchange for property tax savings <br />• Properties must be privately owned & subject to <br />property tax <br />• Contracts run with the title on the property <br />• Contracts are for a minimum of 10 years & <br />extend 1 year annually- unless either party <br />choses not to renew <br />• The County Assessor calculates the Mills Act tax <br />reassessment annually <br />4 <br />RiversideCA.gov <br />2 <br />
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