To help preserve LA’s historic buildings, a new tax incentive was created. Called the Mills Act, it offers homeowners in qualifying historic buildings as much as 70% or more off their property tax bills. That means if you buy a loft in a historic building, you could potentially save thousands of dollars each year. That’s money you can use to help furnish your new loft home, put more money down at purchase to reduce your monthly mortgage payments, trade up to a larger loft or even just put in your pocket.
General Incentives for Preserving Historic Buildings
What financial incentives and other programs exist to help make preservation economically feasible? This Conservancy publication covers the basics of income tax credits, property tax reductions, facade easements, and the California Historical Building Code.
Incentives for Preserving Historic Buildings (PDF)
Preservation Incentives for Homeowners
This comprehensive report from the Getty Conservation Institute is tailored specifically to homeowners.
Incentives for the Preservation and Rehabilitation of Historic Homes in the City of Los Angeles: A Guidebook for Homeowners (PDF)
Owners of a historic property can ensure its future preservation (and collect a tidy tax benefit) by placing a restriction on the property that prevents demolition or inappropriate alterations. The Conservancy, in receiving the easement, accepts an obligation to review future proposed changes to the structure, and the owner, in return, can take a significant charitable deduction.
Conservation Easements (PDF)
For more information, call 888-838-2177 or email email@example.com
We assist clients in helping them buy and sell in addition to leasing their condo and loft units . Please contact us for all your real estate needs.
David, Ramiro & Erica
LA Loft & Condo Specialists