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MILLS ACT <br />4 of 20 <br />What is the Mills Act? <br />1.State Incentive Program Enacted in 1972. <br />2.Contract between City and Property Owners who actively restore <br />and maintain their historic properties while receiving property <br />tax relief to offset these costs. <br />3.Redwood City adopted this program in 1990. <br />4.Minimum duration for a Mills Act Contract is 10 years . <br />5.Renews automatically every year after the initial 10-year period <br />unless the property owner or City opts to end the contract. <br />6.Transfers upon sale and recorded against the property.