Owners of historic homes or business properties in Riverside may get tax credits if they’re planning any type of restoration work, but the Economic Development Department is only accepting applications until the end of the week, officials said Monday.

Some participants can wipe 20 to 60 percent off of their property tax bills annually — even as their buildings appreciate in value, according to city officials.

Riverside’s deadline for Mills Act applications is Friday, and qualifying property owners can expedite the process by filling out paperwork online and sending it to the EDD, using the form available at www.riversideca.gov/historic/pdf/mills-act-application.pdf , the city announced.

Under the 1972 Mills Act, the state granted municipalities and counties the authority to provide direct property tax breaks to owners of historic homes and commercial structures when they undertake maintenance and rehabilitation projects at the sites.

“The city of Riverside adopted the Mills Act because it recognizes the economic benefits of conserving resources and reinvestment, as well as the economic and physical revitalization of older areas, creating cultural tourism, building civic pride and retaining a sense of place and continuity with the community’s past,” city spokesman Phil Pitchford said.

He said the city can enter into up to 10 contracts with qualifying property owners every year. The program stipulates a minimum 10-year term per contract.

City officials are permitted to make periodic inspections to confirm the work being done to preserve and enhance each edifice.

More information about Mills Act recognition and benefits can be found at www.riversideca.gov/historic/incentives.asp , or by contacting the EDD at (951) 826-5371.

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