Do you think your property taxes are too high? How would you like to reduce your property tax by 40% to 60% on a ten year government contract? This, of course, sounds too good to be true and in most cases it is. But for owners of newly improved or purchased older properties the Mills Act may, in fact, provide this very benefit.
Enacted in 1972 and designed to foster the preservation of residential neighborhoods and the revitalization of downtown commercial districts, the Mills Act is aimed at the restoration and preservation of qualified historic buildings by private property owners.
The Mills Act legislation grants participating cities and counties authority to establish criteria for and 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.”
Although contracts are between the property owner and the local government granting the tax abatement, the Mills Act is one of several Historic Preservation Incentives overseen by the Office of Historic Preservation.
For answers to specific questions such as local eligibility criteria, application procedures, and contract terms, contact the city or county official for your jurisdiction.
Please contact me directly for additional information on the Mills Act.