While the cost of EVERYTHING goes up, one of the things that people don't seem to take advantage of is the Mills Act tax savings.
Did you know that if the building/unit is a Mills Act awarded property, you can get up to 70% off property taxes? Mills Act properties are historic properties that have restored and preserved to certain standards. It's an incentive to owners to maintain the historic character of certain properties.
Here's an example. You want to buy a house or condo for $1.2M. The annual property tax on this property is $15,000. That's $1250/month.
But...
If you buy a Mills Act awarded property, of which there are many in DTLA, you end up paying about 60-70% (or $9000-$10,500) LESS in property taxes.
It's like paying taxes on a $500K property when you own a %1.2M property.
More on the Mills Act here: Mills Act Program | California State Parks
MILLS ACT BUILDINGS:
Bartlett Lofts - 215 W. 7th, Historic Core
Biscuit Company Lofts - 1850 Industrial, Arts District
Douglas Lofts - 257 S. Spring, Historic Core
Eastern Columbia Lofts - 849 S. Broadway, Historic Core
El Dorado - 416 S. Spring, Historic Core
Higgins Lofts - 108 W. 2nd, Historic Core
Pan American Lofts - 253 S. Spring, Historic Core
Rowan Lofts - 460 S. Spring, Historic Core
Santee Village - Cornell Building - 746 S. Los Angeles St, Fashion District
Santee Village - Eckardt Building - 738 S. Los Angeles St, Fashion District
Textile Lofts - 315 E. 8th St, Fashion District
Tomahawk Lofts - 814 S. Spring, Fashion District
Currently for Sale Mills Act Lofts/Condos:
