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<br /> ?ilthougli the cost of improvements may be substantial,the actual value added can be significantly less. This can be largely
<br /> attributed to three facton: _
<br /> • Often times, improvements made to a house,particularIy an older house, constitute routine maintenance:and do not '
<br /> cause the valuation to increase. Reshin�ling a roo� painting the house, repairing a foundation,replacing a plumbin�
<br /> fixture are all examples of improvements that would not ordinarily result in a value increase.
<br /> • Improvements made to an individual's home often times reflect that particular individual's personal likes or interests and
<br /> most times the cost cannot be recovered when a property is sold. Adding a sauna,a greenhouse or an indoor swimaung
<br /> pool would all be examples of improvemeats that typically add less value than their cost.
<br /> • Lnprovements made to different areas of a house typicalty 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 generally
<br /> yield the greatest return to the owner. Expenditures such as finishing basements or attics will generally produce the
<br /> smallest return.
<br /> �Ithough these considerations may vary from house to house and market to mazke� in almost no instance is it possible to
<br /> receive a dollar for dollar return benveen cost and value added to the house.
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<br /> Under the law, a property owner must disclose to prospective buyers whether any improvements made to a home are
<br /> eaempt from the property tax. Additionall�, sellers are also required to notify buyers that the exemption will
<br /> terminate when the property is sold.
<br /> If you sell your property, only improvements made by the buyer after the closing date of the sale are eligible for the
<br /> exemption.
<br /> If the property loses its homestead status the esemption e�pires as of the ncxt assessment date. .
<br /> If the name of one of the owners of the property is removed from the title 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 qualif��
<br /> for the eYemption.
<br /> If you transfer the ritie to the property to someone else, but retain a life estate in and continue to receive the homestead
<br /> classification on the property, the improvements continue to qualif��for the exemption_ If you transfer title to a related
<br /> person or persons as a gift or inheritance, the exemption e�pires as of the neYt assessment date. .
<br /> In general,as long as you, the owner of the homestead, made the improvements to the house, maintain the property as your
<br /> principal residence and retain an o�mership interest or control of the property,the improvements continue to qualify for the
<br /> esemption.
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<br /> If vou live in a citv or to�vn that reQuires buildins permiu, you must obtain a buiidin�permit for construction of the
<br /> improvement before ihe work commences. In addition��ou 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 are not
<br /> eligible for exemption.
<br /> If vou live in a citv or town that does not reauire building permits, you must make application for e�emption before the
<br /> improvement is begun.
<br /> The exemption may be applied to no more than three separate improvements made to the house and gara�e. All
<br /> improvements lisied on a singIe building permit or an application for the esempuon constitute a single improvement.
<br /> In either case, if more than three separate improvements are planned��ou must choose��hich improvements you want to
<br /> qualify for the exemption.
<br /> Once an improvement hu been designated for exemption, it cannot be repealed or replace;i by a later improvement.
<br /> If you need additional information,please contact your assessor's office.
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