Published on January 27th, 2014 | by Reporters Desk0
Mills Tax Exemption in LB Council Agenda
The Long Beach City Council is scheduled to consider bring back the Mills Act program at its Feb. 4 meeting.
Mills Act Historical Property Contract Program allows qualifying owners to receive a potential property tax reduction and use the savings to help rehabilitate, restore and maintain their buildings.
Enacted in 1972, the Mills Act legislation grants participating local governments authority to enter into contracts with owners of qualified historic properties.
Long Beach stopped offering contracts to property owners in 2006 because of the economy and the loss of property tax revenues.
The Mills Act is executed between cities and the property owner for a revolving 10-year term. Contracts are automatically renewed each year so that the term of the contract always extends for 10 years. Property owners agree to restore, maintain, and protect the property in accordance with specific historic preservation standards and conditions identified in the contract.
Venue: Long Beach City Hall
Location: 333 W. Ocean Blvd., Long Beach