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<br /> ..::: :.:.;::, CO�Z'O�_I�TPRO�E��.'YT�S. THE�.�L.�E.I�CRE�SE:T4 THE.PROFERTY � �
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<br /> �lthouQ.�th,, cost of ir,iorove;neats may be subsa�-�cia1, tne accual vaiue added can be si�incantly fess.�1�;,5 �a� b .,., g ����
<br /> a::riouted to thr,.� iaccors: � .
<br /> • Ofren times, improvements made to a house, par-�icutarly�.n older house, constitute routine masnce;�nce a�a do not
<br /> cause the v�luation to increzse. Reshin�I��a rao�. painting the house, reo2irin� a four:dztior� replacing a plumbir.Q
<br /> fixture are alI e:czmples o�ir,iproverrienu thzt«-oula not ordinarilv result in a value incr�se. `
<br /> • Improveraents mw.d�to an ind.ividual's home oL�n times relect that pzrriculzr individual's personal likes or inte;es-s a.n�
<br /> mos�tim�the cost c:nnot be r;:overed w•hea a prooe:ti•is sold. �dding z sauna, a gr�:iiious� or an iridcor s«;,-a„�in�
<br /> paot u•euld a!I oe examples of irzpro�•emeats that t�picallv add less value thz-►their cost. �
<br /> • Improvement; �e to diuerent are�s ot a hoase t�picalh•resutt in gr;,at�r or lesser returns. It is a w�ell esablish;.3
<br /> appcaisaI princip�l that r::nedeling or imorovin�a hous�s service areas (kite:�er� Iaundry and ba�nroom) �vi11�eze;-�,1Iv
<br /> �ield the greates re:urn to tf:e o�rner. Expend.itures such a; finisain� bzsement; or arics �tiill ��a�rziIy produc�Lh�
<br /> s;nallest recum.
<br /> �lthou;h th�se corisid�:ations mav ti�zr��from house to house and market to mart:�c. in almost no inst�zce is it possibie to
<br /> :eceive a doll�for doltar;eP.�m ben�-e�a cost ane��!ue added to tae hous�.
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<br /> ::' :::.. ..::. .:....::: .:.::..S�LE OR.TR��SFER;:OF 01�}'N�RSHIP:;OF PROPER�Y
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<br /> Lad�r tne la�v, a property owner must disclose to prospective buyers whether any improvements made to a home are
<br /> e.:empt from the property tax. Additionallr•, sellers are also required to notify buyers that the exemption will
<br /> terniinate when the property is soId. .
<br /> If vou sell your property, only improvements mad� b��the bu�•er aner the closins date of:he s�fe ar� �;i�ible ior th�
<br /> e��mgtion. � �
<br /> I;the property loses its homestead status th:. es::nption expir�s as of th� nc�t�ssessment dat�.
<br /> IF the name of one of the owners of the propem• is removed from the title to the property 2s a resu(t oi a s::Dar2tion or
<br /> d.ivorce, or if a name is added to the title of the property as a resuit oi a rciarriag�, the improvements continue to eua':i��
<br /> far the exemFtion. ' '
<br /> If you transfer the title to the property to someone eIse, but retain a life estate in and continue to re�eive the hom•�st�d
<br /> cl�ssutcation on the propem, the improvements cont;nue to qualif�•for th: ese;,iotion. If you transfer title to a related
<br /> person or persons as a gift or inheritance, th;, exe:,cpcion expires as o:the ne�ct assessment date. .
<br /> In �eneral, as long as you, th� o�vner of the homesce�d, made the improvements to the house: maincain the propercy as your
<br /> princ;paI residence as.d re;.ain an o«�nership interest or control of the prooem•. ti�e imorovemznts continue to qualify for the
<br /> ese;nption. "
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<br /> If�•ou live in a citv or to«rn that reauires buildinQ oermits, }�ou rriusc obcain a buildin� permit for construcdon of tF:e
<br /> ir.iorovement before th� «•ork commences. In addition ��ou must complete a separate aoplication for value esemotion be�ore
<br /> the ne:ct assess�ent date. If you do not obtain a building pernit before coa;tc-uction begins, the improvemencs are not
<br /> e'.igible for eYemptiou.
<br /> If vau live in a cirv or to�;n ihat does not reauire buildino DeRnics vou must mal:� appIication ;or exe.:iocion before th�
<br /> imorove„ienc is b�..ui. -
<br /> ?he exemption may be applied to no more than three separate improvements made to the hous�as.d�a.�e. c111
<br /> urorovemen�s listed on a sin�Ie buiIding pecmit or an application for the exempcion constitute a sin�Ie improvement.
<br /> In either case, if more th2n thr�sep�te imorovements are pIanned}�ou must choose�vnich improvemencs you�,�ant to
<br /> quzlify for the esempcian.
<br /> OAce an improvecnent has bern desi�nated for eYemptior� it cannot be:epealed or ra�lace3 b�• a Iat�r imorove:nent.
<br /> If you need additional information, please contact your assessor's office.
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