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Victorian house preservationists worry that San Diego may kills Mills Act exemptions
A city block full of newer and greener homes provide... 1.)More in tax revenues 2.)A reduction in negative effects to the environment. in comparison to a block of older homes tax sheltered by the mills act. Just some simple logic to consider. By the way, there is a commercial development in downtown chula vista that is really nice. It used to be a bunch of dirty apartments and single family homes. I was glad to see that development. It brought new jobs and more revenues to the city of chula vista. This is progress and that is a good thing. Designated properties should be few and far between to highlight their uniqueness and exemplary nature of this country's past. This is how I feel about this subject.— August 16, 2008 1:42 p.m.
Victorian house preservationists worry that San Diego may kills Mills Act exemptions
Being a student of real estate and economics, I do not believe that the position of this article is truthful in asserting that the preservation of historic properties is in the best interest of the public in terms of tax revenues or stimulation of the local economy. The study presented from the University of San Diego in truth considers only comparable properties if it is to give any valid results whatsoever. In practice, bringing a property to its highest and best use in the face of changing conditions on the ground in the properties area will always bring 1.) the highest ammount in tax revenues for the city as the property will achieve its highest fair market value after achieving its highest and best use. 2.) the highest ammount of profit for a property owner and his or her contractors if after achieving this highest and best use the costs of converting the property does not out weight the net present value of the property given a certain holding period. What does this mean in english? It means that you can't compare apples and oranges. If you redevelope a property and it costs 300,000 dollars to do that is more economic stimulus than 80,000 to renovate a standing structure. That probably also means that you will be paying more in property taxes because newer larger homes with modern amenities and updated construction mean a higher selling price which means more in tax revenue for the city. In truth, historical preservation is a decision based on societal mores, norms and values. Arguments for historical preservation usually carry no weight in financial terms whatsoever.— April 17, 2008 9:15 a.m.