What is the Mills Act?
The Mills Act grants property tax relief for homeowners of qualified historic properties. historic properties that are owner - occupied, single family residences and income producing commercial properties are recognized under the Act. The property tax relief is given so that property owners are given incentives to maintain and preserve their historic properties. The amount of tax savings varies, but Mills Act agreements allow for up to 50% tax savings. The types of preservation conditions established by the Mills Act agreement are different for each property's specific needs, and the agreement is transferred to the new owner when a property is sold.
20% income tax credit for the rehabilitation of historic structures
The Federal government encourages the preservation of historic buildings through various means. One of these is the program of Federal tax incentives to support the rehabilitation of historic and older buildings. The Federal Historic Preservation Tax Incentive Program is one of the Federal government's most successful and cost-effective community revitalization programs. To find out more about this program, click the following link.