Looking to buy or sell a historical home in Laguna Beach? Considering applying for Mills Act or buying/selling a home on the registry?
You’re in the right place.
Laguna Beach is renowned for its picturesque landscapes and historic charm. It is a desirable location for homeowners and real estate enthusiasts alike. One of the unique advantages available to historical homeowners is the Mills Act in Laguna Beach. Mills Act in Laguna Beach is a program designed to encourage the preservation of historic properties through substantial property tax savings.
Being the owner of an historical home is a true honor and responsibility. Learn more about historical homes here.
What is the Mills Act?
The Mills Act in Laguna Beach is a state-level legislation that provides economic incentives to owners of qualified historic properties. Homeowners can benefit from significantly reduced property taxes. These savings can be significant and often range between 40% and 60% annually. That is not all. This program not only helps in preserving the architectural heritage of Laguna Beach, but also offers financial relief to homeowners dedicated to maintaining the historic integrity of their properties.
Benefits of the Mills Act in Laguna Beach
- Tax Savings: By enrolling in the Mills Act, property owners can enjoy a considerable reduction in property taxes. This makes it more affordable to maintain and restore historic homes.
- Preservation Support: The Act encourages the preservation of historic properties. This ensures that Laguna Beach retains its unique historical character for future generations.
- Increased Property Value: Properly maintained historic homes can see an increase in property value over time. Buyers are additionally attracted to unique, well-preserved properties.
- Community Pride: Participating in the Mills Act program enhances the cultural heritage of the community. Foster your sense of community pride and continuity.
How to Qualify for Mills Act in Laguna Beach
To qualify for the Mills Act, properties must be designated as historic by the city of Laguna Beach. The application process involves submitting detailed plans for the preservation and maintenance of the property. These will then be reviewed and approved by the city’s historic preservation department.
Members of the Heritage Committee advise City Council and design review authority on matters pertaining to historic preservation in the City. This also includes evaluation of alterations to historic structures, requests to place structures on the Historic Register, and recommendations of properties for Mills Act contracts.
How to Qualify for Mills Act in Laguna Beach
The first step in the process would be to have the home placed on the Register. Once it is Registered, then it could be eligible for the Mills Act. The City processes Mills Act applications once a year. The application process starting in January.
Sometimes, the Heritage Committee also requests that a rating assessment be provided to help in evaluating the structure. The applicant has the option to use the City’s consultant architectural historian to get a scope and cost for conducting an assessment prior to going to the Heritage Committee.
More information: https://www.lagunabeachcity.net/government/departments/community-development/planning-zoning/historic-preservation
How to buy a home with Mills Act?
I wrote a longer blog post on this with some helpful tips. Buying a historical home in Laguna Beach can be a rewarding but challenging process. Here are 8 steps you can take to help make the process smoother: Read More in this blog post.
Final Thoughts on homes with Mills Act in Laguna Beach
The Mills Act offers a valuable opportunity for Laguna Beach homeowners to save on property taxes while contributing to the preservation of the city’s historic charm. If you own a historic property or are considering purchasing one, exploring the benefits of the Mills Act could be a game-changer for your real estate investment. For more information, contact your local real estate agent who can guide you through the process and help you make the most of this unique program.
About Jaleesa Peluso, Orange County Realtor & Certified International Property Specialist
Jaleesa specializes in Laguna Beach real estate and Historical homes. Thinking of making a buying or selling your historical home? Call us now at (949)395-0960!