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<br /> :�lthou�h the cost of improvemeats mav be substantial, the actual vaIue added can be significan�ly less. 'Ihis can be Iargel�-
<br /> attributed to three factors: ` "
<br /> • Often times, improvements ma.de to a house, particularly an older house, constitute routine maintenance.and do not
<br /> cause the valuation to increase. Reshingling a roof. painting the house, repairing a foundation, replacing a plumbin� .
<br />_ fixture are all e.camples oi improvements thai«ould 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. �dding a sauna, a gree:uiouse or an iadoor s�vinuzing
<br /> pooi would aII be e�camples of improvements that ty�ically add less value than ttieir cost.
<br /> • Improvements made to dif"terent azeas of a house typicalIy result in greater or lesser returns. It is a w•ell establishe3
<br /> appra.isal principal that remodeling or improving a house's secvice areas (kitchen, Iaundry and bathroom)�vill geaerally
<br /> vield the greatest r�2urn to the owner. Expenditures such as finisning basements or attics �vill generaily produce the
<br /> smallest return.
<br /> :�lthou�h these conside:ations mav vary from house to house and market to marke� in almost no inscance is it possible to
<br /> :eceive a doIlar for dollar return benre�n 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. Additionally, 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 bu�•er afrzr the closing date of the sale are cligible for the
<br /> es�mpuon.
<br /> If the property loses its homestead status the exemption espires as of the ncst 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 oi a separation or
<br /> divorce, or if a name is added to the tit;e of the property as a resutt of a marriage, the improvements continue to qualif��
<br /> for the exemptioa.
<br /> If you trans{er the title to the property to someone else, but retain a life esrate in and continue to receive the homestead
<br /> clazsification on ihe property,the improvements continue to qualif�•for the esemption. If you transfer title to a related
<br /> persan or persons as a gift or inheritance, the e�emption e�pires as of ihe ne:ct assessment date. .
<br /> In aeneral,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«�nership interest or control of the propem•, the improvements continue to qualify for the
<br /> esempuon.
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<br /> If vou live in a citv or to�i�n that reauires buiIding permits, you must obtain a buiidin�permit for construction of the
<br /> improvement before the rcork commeaces. In addition��ou must complete a separatz application for value esemption before
<br /> the ne.ct assessment date. If you do not obtain a building permit before construccion begins,the improvements are not
<br /> eagible for esemption.
<br /> If vou live in a citv or to��n that does not reouire building oermits you must mal:e application for exemption before the
<br /> irnprovement is be�un.
<br /> The exemption may be applied to no more than three separate improvements made to the house and�ara�e. r�ll
<br /> improvemeats listed on a singIe buiIding permit or an application for the exemption constitut�a singIe improvement.
<br /> In either case, if more than thr�separate improverrients are planned��ou must choose�vhich improvements you w�ant to
<br /> qualify for the exemption. �
<br /> Oace an improvement has been des��nated for esemption, it c,annot be repesled or r�place3 by a Iater improvement.
<br /> If you need additional information, please contact your assessor's office.
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