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How does it work?
California law, the
Mills Act in specific, allows the City to
enter into a contract with a property owner to change how the County Assessor calculates
taxes on their property. The Assessor utilizes an "income" as opposed to a
"value" approach to determine the property value. In exchange, the property
owner guarantees to preserve and maintain the historic property.
Who is eligible?
All owners of historic properties are eligible to apply. Tax savings can be substantial
for property owners, particularly if the building was recently purchased. Property owners
who have a pre-Proposition 13 tax rate will probably not see a tax reduction. Tax savings
will be determined on a case-by-case basis.
How do I apply?
Don’t delay. If you are interested in this program, click for
more
information and application forms or please call the
PEEC Division
at 831.646.3759 today. It will take time for contract approval and recording. All
contracts must be recorded no later than December to qualify for the next year's tax
savings.
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