What are the key points of the Mills Act?

Once approved, a formal preservation contract agreement is to be in effect for a minimum of ten years, automatically renewed every year, and automatically transferred to new property owners when the property is sold or exchanged. Should the property owner maintain the property in accordance with the terms of the contact, the property owner is eligible to receive tax credit benefits through the Mills Act program. As property values and tax rates vary, the exact savings will also vary from property to property. For more information, the Mills Act program brochure is available for illustrative purposes.

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