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, _ , ,:. _. . '` COS'I'Q�IhiPROVEiViENT VS.'THE V�I.LE INGREfiSE T0� THE �'ROPER'TI�. '; ` ;,: : ; although ihe cost of improvements may be substantial, the actual value added can be significan[ly less. This can be largely attributed to three factors: • Often times, improvements made to a house, particularly 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 fi�cture are all examples of improvemenu that would not ordinarily 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 greennouse or an indoor swimmin� pool would all be examples of improvements that t��pically add less value than their cost. • Improvements made to different areas of a house typically result in greater or lesser returns. It is a well esta.blished appraisal principal that remodeling or improving a house's service areas (kitchen, laundry and bathroom) will generally yield the greatest return to the ow�ner. Expenditures such as finishing basements or attics �vill �eneraily produce the smallest retum. although these considerations may vary from house to house and market to market, in almost no instance is it possible to receive a dollar for dollar return beRt-een cost and value added to the house. ,. ,. ; . : ..... .....St1L��R TRAi�SFER OF O�VNERSHIP OF PROPERTIF ,; ` <,. ...... .. .. .... ...... . :. ......:>:. ;.: linder the law, a property owner must disclose to prospective buyers whether any improvements made to a home are eaempt 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 bu��er after the closing date of the sale are eli�ible for the e�emption. If the property loses its homestead status the esemption �xpires as of the nc�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 tit�e of the property as a result of a marnage, the improvements continue to qualif�� for the exemption. If you transfer the title to the property to someone else, but retain a life estate in and continue to recei��e the homestead classification on the property, the improvements continue to qualif�• for the esemption. If you transfer title to a related person or persons as a Dift or inheritance, the exemption e�pires as of the neYt assessment date. In aeneral, as long as you, the owner of the homestead, made the improvements to the house, maintain the proper[y as your pnncipal residence and retain an o«�nership interest or control of the propem�, the improvements continue to qualify for the esemption. _.:. ; , : . . .. :��KIYG.APPLTCATION. ..... .. .....:. _ ,. ,,,..: ...... . ........ ;; ;: . _;::: ..._,::: If vou live in a citv o; to�;rn tha± requires buiIdinQ�ern�its, you must obtain a buildin� permit for construction of the improvement before the work commences. In addition��ou must complete a separate application for value exemption before the ne;ct 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 re uire buildin ermits, you must mal:e appIication for e�emption before the improvement is begun. The exemption may be applied to no more than three separate improvements made to the house and gara�e. All improvements lisied on a single building permit or an application for the e�emption consiitute a single improvement. In either case, if more than three separate improvements are planned you must choose��-hich improvements you want to qualify for the esemption. Once an improvement has been desi�nated for exemption, it cannot be repealed or replaced by a later improvement. If you need additional information, please contact your assessor's office.