Historical Property Preservation AgreementHistorical Property Preservation Agreement • November 27th, 2017
The purpose of an “Historical Property Preservation Agreement” is to provide an opportunity for owners of qualified historic structures to potentially receive property tax relief through the use of the Mills Act. The owner agrees to preserve, maintain and, if necessary, restore and or rehabilitate the historic property. In return for rehabilitation and continued preservation of the property, the owner is eligible for a different method of property valuation and property tax assessment which may reduce the property taxes each year the Agreement is in effect (minimum of 10 years). Use of the Mills Act will help offset the higher costs involved in restoration and ongoing maintenance required for historic structures which have been recently purchased or have been reassessed as a result of prior rehabilitation improvements. Although the City and the property owner enter into the Agreement, the County Tax Assessor is responsible for administering the valuation terms of the Agreement.
