With all of the activity in the market and the pressure on interest rates, foreclosures and affordability are the Hot Topics, a much quieter topic that can save you money has stayed on the radar. The Mills Act is a state law that allows cities to enter into agreements with historic structures to allow a tax break. This tax break can be substantial!
On a property that would sell at $385,000, the traditional tax rate, calculated a 1.25% of purchase price, would be $401.04 a month. Under the Mills Act, your tax basis would be $104.81 a month! Wow, what a savings!
We will post some additional BLOGs that show you in more detail how to calculate this savings. In the city of Long Beach you can get into the wonderful Villa Riviera and take advantage of these great savings!
