The Los Angeles County Office of the Assessor will make a revised tax assessment that will be applicable for the next tax year. Please note that this forthcoming analysis is only an estimate. Staff will use this form to calculate an estimate of the Mills Act tax assessment with the information provided. Financial Analysis Form with information required (two highlighted boxes only).Sample Maintenance and Restoration PlanĪn Architectural Report identifying the status and condition of all character-defining features of the building and site prepared by a certified architect. If the building is already restored and in good condition, a maintenance plan must be submitted. Please describe all periodic/ongoing maintenance needs of the structure including plumbing, electrical, roofing and structural systems. A ten (10) year Maintenance Plan with estimate cost and schedule. If you are also planning interior work, please include a description of this work in a separate section. Please note that a Mills Act Contract only regulates exterior restoration/rehabilitation and general maintenance of your property. Restoration/Rehabilitation and/or Maintenance PlanĪ ten (10) year Restoration/Rehabilitation Plan with estimate cost and schedule prepared by a certified architect.Application ProcessĪpplying for a Mills Act Contract with City of Santa Monica requires the submission of the following documents and materials to the Planning Department. Mills Act contracts are for a ten-year term and are renewed automatically each year on the contract’s anniversary. For income producing property, the income amount is based on rent actually received and on typical rents received for similar property in similar use. In the case of owner-occupied property, the income projection is based on comparable rents for similar property in the area or, if insufficient rental information is available, the income that it could reasonably be expected to produce. Mills Act contracts can provide tax benefits for both owner-occupied and income producing properties. In exchange for this reduction in property taxes, the contract requires the property owner to undertake specific restoration tasks, if necessary, and to properly maintain the historic structure. Once approved, a Mills Act contract requires the County Tax Assessor’s office to determine the value of the historic property based upon its current income, rather than the Proposition 13 formula generally applied. The owner of any building that is either a designated local landmark, structure of merit or a contributing building in a designated historic district may file a Mills Act Contract Application. The Mills Act is a California State law that enables cities to enter into contracts with property owners of qualified historic structures.
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