Historic Homes and the benefits of maintaining them in
Carmel-by-the-Sea and California.
We recently represented both buyer and seller of a home in Carmel-by-the-Sea located at the SW corner of San Carlos & 12th. This house is the Ross E. Bonham House, a storybook Tudor Revival designed by George Mark Whitcomb in 1926. We advised both buyer and seller the advantages of The Mills Act, which was a great benefit of knowledge to both. What is The Mills Act? Read on...
The Mills Act was enacted by the State of California in 1972 as a way of encouraging partnerships between local governments and property owners of historic resources. Carmel is a voluntary participant in the Mills Act program. The Mills Actcontract is for a period of10 years and includes renewal provisions.The property owner agrees to specific rehabilitation/restoration efforts that occur over the life of the contract. In turn, the property owner receives a reduced property tax assessment. The assessment is performed by the Monterey County Assessor’s Office. The jurisdiction benefits by having historic resources rehabilitated and maintained, while the property owner benefits by having a reduced tax burden. The City’s Historic Preservation Ordinance(CMC 17.32.100)offers Mills Act contracts as a potential benefit to property owners of historic resources that are listed on the City’s Historic Register. The HRB is advisory to the City Council on Mills Act contracts.