How does the Mills Act work?

I recently heard of something called the Mills Act, can you tell me more about it and how it works?

Answer:

What is the Mills Act?
The Mills Act is property tax reduction for designated historic properties. It will limit changes that can be made to the property.

How does a property qualify for the Mills Act?
It must meet the historical designation requirements and be approved by the resources board. It requires research associating the property with an “event,” “person,” or “architect.” Once the property is designated as historical, you can apply for the Mills Act and the associated property tax reduction will apply the following year.

Would lowered property tax transfer to the new owners?
The Mills Act runs with the property, not with the owner. Like any sale, the property is “reassessed” at the time of sale. Then the taxes are reduced from the new assessment.

How do I get more information?
Here are a link to a website and a pdf file that may help you: