Fridays with the Fiddle Fig: What is Mills Act?
Around San Diego we have pockets of Historic communities and even individual homes in a community that are of historic significance and have the “Mills Act” in place. Today I am going to give you a clear understanding of what having “Mills Act” means for a homeowner.
The Mills Act was established in 1972 to help incentivize homeowners of historically designated houses to properly maintain and preserve their home's historic significance. This is done by providing these homeowners with a savings on their property taxes. The amount of savings can vary and has ranged from a 20% savings to as high as 70% on the annual property taxes.
What does this mean for a homeowner? The obvious is that you will ultimately pay less per year towards your property taxes with the expectation that you will put that money back into maintaining and preserving your home. What I also see when it comes to selling a Mills Act home is that they will typically sell faster and for more money than a comparable home in the same neighborhood that is not historically designated.
In San Diego there are approximately 370 homes that are currently receiving the Mills Act tax benefit. If purchasing a historically designated home interests you let us know and we would love to talk more about it with you and help you find one that fits your needs.