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Property Taxes Too Much? MCheckout the Mills Act
by Daniel Yukelson Executive Director, Apartment Association of Greater Los Angeles
ost property owners are unfamiliar in their property tax bill to help offset the costs of with the Mills Act. The Mills Act continued preservation of the property. The Mills (California Government Code, Act is recognized by the State of California as the Article 12, Sections 50280- “single most important economic development 50290) is a California state law incentive program in California for the restoration and that allows cities to enter into preservation of qualified historic buildings by private contracts with the owners of property owners.
qualified historic structures. These Mills Act contracts require property owners to make improvements to and take steps to preserve their historical properties and in exchange, they are entitled to a reduction
Local government entities establish their own criteria and determines how many Mills Act contracts they will allow within their jurisdiction. As an example, the
Daniel Yukelson is currently the Executive Director of The Apartment Association of Greater Los Angeles (AAGLA). As Certified Public Accountant, Yukelson began his career at Ernst & Young, the global accounting firm, and throughout his career has served in senior financial roles principally as Chief Financial Officer for various public, private and start-up companies. Prior to joining AAGLA, Yukelson served for 15 years as Chief Financial Officer for Premiere Radio Networks, now a subsidiary of I-Heart Media, and for 3 years as Chief Financial Officer for Oasis West Realty, the owner of the Beverly Hilton and Waldorf Astoria Beverly Hills where he was involved with the development and construction of the Waldorf. Mr. Yukelson is a former Public Works Commissioner and Planning Commissioner for the City of Beverly Hills.
Please turn to page CS-29
APARTMENT MANAGEMENT MAGAZINE - MAY 2022 CS-29