Tax Cut Approved for Historical Properties
As an incentive to preserve and protect the city’s heritage, City Council members have formalized an ordinance making owners of historical properties eligible for property tax reductions from 40% to 70%.
The preservation ordinance, known statewide as the Mills Act, would cost the city about $60,000 a year if all 202 eligible historic property owners participate. The measure received preliminary approval last May when the list of properties was initially compiled.
To qualify, the homeowners would be required to restore and rehabilitate their buildings. They also must pay $327 and sign a 10-year Historic Property Preservation Agreement with the city.
Those who fail to comply with the agreement or dissolve it early will be fined 12.5% of the full market value of their building.
The city estimates it will be able to process about 15 applications annually.
A public workshop on the program will be at 7 p.m. Thursday at the San Clemente Senior Center.
Information: (714) 493-1171.
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