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_,, ' - ,.. _. -. < C�ST O�I�IPROVEiViENT�S. THE V�I:LE INCRE:�SE TOi'THE!PROPERTIf: ' . . :�lthough the cost of improvemeats may be substantial, the actual vaiue added can be significantly less. This can be largely attributed to three factors: • Often times, improvements made to a house, particularlv an older house, constitute routine maintenance and do not cause the valuation to increase. Reshingling a roof, painting the house, repairing a foundation, replacing a plumbing firn►re are all examples of improvements that would not ordinarilv result in a value increase. • Improvements made to an individual's home often times reflect that particular individual's personal likes or interests and most times the cost cannot be recovered when a property is sold. Adding a sauna, a greenhouse or an indoor swimining pool would all be examples of unprovements that typically add less value than their cost. • Improvements made to different areas of a house typically result in greater or lesser retums. It is a well established appraisal principal that remodeling or improving a house's service areas (kitc:�en, laundry and bathroom) wzll�enerally vield the greatest return to the o�ti-ner. Expenditures such as finishing basements or attics will �eneraily produce the smallest return. �ithough these considerations mav varv from house to house and market to market, in almost no instance is it possible to receive a dollar for dollar return ben��een cost and value added to the house. ..... _. >: ;: SAL�OR TRAI�SFER O�' O�VNERSHIP OF,PROPERTIF ` ...:. ........ >: ;<: linder the law, a property owner must disclose to prospective buyers whether any improvements made to a home are exempt from the property tax. Additionally�, sellers are also required to notify buyers that the exemption will terminate when the property is sold. If you sell your property, only improvements made b��the buver afrer the closing date of the sale are eligible ior the exemption. If the property loses its homestead status the esemption e�pires as of the ne�t assessment date. 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 divorce, or if a name is added to the titie of the property as a result of a marriage, the improvements continue to qualifi� for the exemption. � If you trans{er the titIe to the property to someone else, but retain a life estate in and continue to receive the homestead classification on the propercy, the improvements continue to qualif�� for the esemption. If you transfer title to a related person or persons as a gift or inheritance, the exemption e�pires as ofthe neYt assessment date. In �eneral, as Iong as you, the o�vner of the homestead, made the improvements to the house, maintain the property as your pnncipal residence and retain an o�t�nership interest or control of the propem�, the improvements continue to qualify for the esemption. ,. _. .... .... ........ _ :. .'�L�KING APPLTC�TI;ON ;; ... .. __ ;; ,.._; ; :::. If�-ou live in a citv or to�i�n that reQuires buiidin�permits, }�ou must obtain a buildin� permit for construction of the improvement before the«�ork commences. In addition vou must complete a separate application for value esemption before the next assessment date. If you do not obtain a buildin�permit before construction begins, the improvements are not eligible for exemption. If vou live in a citv or tow�n that does not reQuire buildino permits, ��ou must mal:e application for e�emption before the unprovement is begun. The exemption may be applied to no more than three separate improvements made to the house and gara�e. All improvements listed on a single building permit or an application for the exemp[ion constitute a single improvement. In either case, if more than thre� separate improvements are planned��ou must choose��hich improvements you«•ant to qualify for the exemption. Once an improvement has been designated for exemption, it cannot be repealed or replace� by a later improvement. If you need additional information, please contact your assessor's office.