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3 of 15 <br />Mills Act Contract <br />A Contract that results in lower property taxes in exchange for a 10- <br />year improvement schedule and long-term maintenance of the <br />property. <br />The property must be designated as a historic landmark. <br />The Contract typically results in a 40-60 % reduction in the assessed <br />tax valuation, which translates to about 1-2% revenue loss per <br />property for the City.