January 10, 2012
On January 1, 2012, the City of Beverly Hills implemented a two-year pilot program that enables City residents to participate in a Mills Act program.
The Mills Act is a California program that encourages property owners to restore and preserve historic buildings. The Mills Act grants local governments the ability to enter into ten-year renewable contracts that provide property tax relief to owners of historic properties as long as those property owners actively renovate, restore, preserve and/or maintain their historic properties.
For now, only privately-owned single-family residences and public theaters may participate in Beverly Hills’ Mills Act program. Only three properties in 2012 and another three in 2013 will be accepted, for a total of six participating buildings. The six buildings will be listed on the City of Beverly Hills’ Official Register of Historic Resources.
Participants in Beverly Hills’ Mills Act program must prepare “Preservation Plans” for their properties, and they may be fined up to 12.5% of the property’s market value if they fail to meet their “Preservation Plan.”
The City will offer a property tax credit to Mill Act program participants. The City has placed a $50,000 aggregate annual cap on property tax credits from the program.
Public feedback on the Beverly Hills Mills Act pilot program is encouraged, and our Land Use Department will be working with the residents of Beverly Hills and the City in this exciting new venture.
For more on the Beverly Hills Mills Act pilot program, please click on the link below: