United States With Similar Programs For The Mills Act Essay

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States with Similar Programs to the Mills Act
Illinois has a similar program to the Mills Act enacted where the primary tax incentives are given in the form of a property tax assessment freeze. Homeowners of historic structures listed on the National Register can have property taxes frozen for eight years if at least 25% of the market value of the property is spent on a rehabilitation project. The assessed value of the historic property is frozen at the same level as it was the year rehabilitation began. Over a four-year period, the valuation of the property is brought back to market level. Unlike federal incentives, the Property Tax Assessment Freeze Program is available only for homeowners and not for income producing properties.

In March 2002, the Georgia General Assembly passed The Georgia Preferential Property Tax Assessment Program for Rehabilitated Historic Property which allows an eight-year tax assessment freeze program for eligible parties. It was designed to encourage the rehabilitation of both commercial and residential historic buildings by freezing property tax assessments. The assessment of the rehabilitated property is based on the rehabilitated structure, the property on which the structure sits, not more than two acres of real property that surround the structure. For a property to be eligible for the program, it must be listed in the Georgia Register of Historic Places as either a contributing building in a historic district or
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