Mills Act Deadline of May 31 Fast Approaching in Riverside
Published: 5/15/2024
FOR IMMEDIATE RELEASE:
May 15, 2024
Contact:
Scott Watson
Historic Preservation Officer
951-826-5507
Mills Act Deadline of May 31 Fast Approaching in Riverside
Program helps owners of historic properties with property tax relief for restoration and maintenance
RIVERSIDE, Calif. – The City of Riverside is accepting applications through May 31 for the Mills Act program, the single most important economic incentive program in California for the restoration and preservation of qualified historic buildings by private property owners.
The Mills Act program allows the owner of a historic property with a property tax relief that will aid in restoration and maintenance through a contract with the City. Historically designated properties throughout the City are eligible for the program.
Mills Act participants may realize substantial property tax savings, generally between 20% and 60% each year, depending on the property attributes and the current property tax valuation. As part of the contract, owners are required to reinvest the tax savings into the property through rehabilitation projects.
More information about the program is available on the City’s website at www.RiversideCA.gov/MillsActInfo.
On March 19, 2024, City Council passed a resolution to lower the Mils Act fees for the 2024 application cycle, from $3,678 ($404 application fee + $3,274 contract initiation fee) to $975 ($114 application fee + $861 contract initiation fee). A maximum of 20 contracts will be awarded this year, so space is limited.
Application packages are available at https://riversideca.gov/cedd/planning/forms, or at the Community & Economic Development Department, Planning Division, 3900 Main Street, 3rd Floor, Riverside. General information about the Mills Act is available by calling 951-826-5371.
