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<br /> �lthough the cost of improvemeats may be substantial, the actual value added can be siguficancly less. This can be Iar¢el�
<br /> attributed to threr factors: ` '
<br /> • Oftea times, improvements made to a house,panicularly an older hause, constitute routine maintenance.aad do not
<br /> cause the valuatioa to increase. Restun�ling a roof, painting the house, repairin�a foundatioq replacing a plumbing
<br /> fixture aze all examples of improvements that�zould not ordinarily result in a value increase.
<br /> • Improvements made to an individual's home often times refIect that�pazricular individual's personal likes or interests and
<br /> most times the cost cannot be rrcovered when a property is sold. Adding a sauna, a greenhouse or an indoor swiauzing
<br /> pool wouId aIl be examples of improvements that n�pically add less vaIue than their cost.
<br /> • Improvements made to different areas of a house typicaIly result in greater or lesser returns. It is a well established
<br /> appraisal principal that remodeling or improving a house's service areas (kitchen, Iaundry and bathroom)will�enerally
<br /> yield the greatest return ta the owner. Expenditures such�s finis:�ing basements or attics will generaily produce the
<br /> smallest return. �
<br /> �lthough these considerations mav vary from house to house and market to marke� in almost no instance is it possible to
<br /> receive a dollar for dollar return bea��esn cost and value added to the house.
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<br /> Linder the law, a property owner must disclose to prospective buyers whether any improvements made to a home are
<br /> ezempt from the property tax. AdditionaIl�, selIers are aIso required to notify buyers that the exemption wiIl
<br /> terminate when the property is sold.
<br /> If you seIl your property, only improvements made b<<the bu}•er afcer the closing da.te of the sale are eligible for the
<br /> exemption. �
<br /> If the property loses its homestead status the es�mption expires as of the nc�t assessment date. .
<br /> If the aame of one of the owners of the property is removed from the titie to the property as a result of a separation or
<br /> divorce, or if a name is added to the tit;e of the property as a result of a marriage, the improvements continue to qualifi�
<br /> for the e�emption.
<br /> If you transfer the title to the property to someone else, but retain a life estate in and continue to receive the homestead
<br /> classification on the propem,the improvemenu continue to qualifi•for the esempdon. If you transfer title to a related
<br /> person or persons as a sift or inheritance,the exemption espires as of the ne�ct assessment datz. .
<br /> In general,as lon�as you, the owner of the homestead, made tht improvements to the house; maintain the property as your
<br /> principal residence and retain an o«�nership interest or control of the propem•,the improvements continue to qualify for the
<br /> esemption.
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<br /> If vou live in a citv or to�c�n that reauires buiIdin�permiu,you must obtain a baildina permit for construction of the
<br /> improvement before the work commences..In addition you must complete a separate application for value exemption before
<br /> the next assessment date. If you do not obtain a building permit before construction begins,the improvements aze not
<br /> eligible for exemption. �
<br /> If vou live in a citv or tov�•n that does not reauire building oermits.you must make application for e�emption before the
<br /> improvement is be�un.
<br /> The ezemption may be applied to no more than three separate improvements made to the house and gara�e. All
<br /> improvements listed oa a singIe building permit or an appiication for the exempuon constitute a single improvemen�
<br /> In either case. if more than thr�separate improvernents aze planned��ou must choose which improvements you w-ant to
<br /> qualify for the exemption.
<br /> Once an improvement has been designated for ex�mption, it cannot be repealed or repiace3 by a later improvement.
<br /> If you need additional information, please contact your assessor's o�ce.
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