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<br /> COc'F'O�I�IPRO�r'E1iEYT�S THE V�I:�E I.NCRE.�S�TQ THE PROFER'r1� ; -
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<br /> �lthou�n the cos or imcro��emeats mav be subs�antial, the actual vaIue added can be sigr►incantly- less. T'nis c.an b� ?ar�e!:.
<br /> atiribut�to u5r". �...c:ors:
<br /> • Often times, improvements made to a house, particularly an older house, constitute routine m3inte:iancr.acd do not
<br /> cause the vaiva�en to inc.ease. Reshin�ling a roof, painting the house, repairing a foundation, replacin�a plumoin�
<br /> i�xture are all �xzmples of imorovemeats that would not ordinarily result in a value inc:ease.
<br /> • ImbrovementS �d�to an indi��dual's home ofren times reflect that par[icular individual's personal lixes or inte:-�,,sts ar,�
<br /> most times the c�s �nnot be rr:.�vere�when a property is sold. Adding a sauna, a gree:inouse or an indaor sw�-nmin�
<br /> pool weuld ail be exarnoIes oi irnorovements that tcpically add less value than their cost.
<br /> • Improvements �. � 'e to di�erent ar�s of a house typicall�- result in�reate:or lesser rerurns. It is a«�e?1 �,.aolishP�
<br /> appraisaI principai u'iat remodeling or imoroving a house's service areas (kitchen, laundry and bathroom) wzll Qeae:alI�
<br /> yieid the great�s :�rn to the o«r.er. Expeaditures such as nnisning basements or attics «zil geaerailv preduc�the
<br /> smallest retum.
<br /> �lthough these consic�:auons mav vary from house ro house and market to markeL, in almost no instance is it possiole to
<br /> receive a dollar ior doiIar :eturn ben��e�a cost and value added to the house.
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<br /> ;: > ;SALE:;OK TR�1�iSFER O.F O�Y:NERSHI� OF PROPERTY
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<br /> linder the law, a property owner must disclose to prospettive buyers whether any improvements made to a home are
<br /> ezempt from the property taac. :�dditionall��, sellers are also required to notify buyers that the exemption wi11
<br /> terminate when ihe property is sold.
<br /> If you seil your property, enly improvements made b��the buver afrer the closin2 date of the sale are e!iQible ior the
<br /> esemption.
<br /> If the property loses its homestead status the �semption �xoires as of the ne�t 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 or a separation or
<br /> divorce, or if a name is added to the tit;e of the property as a resuit of a rrrama�e, the irnprovemenu continue to qualifi�
<br /> ior the e�empcion_
<br /> If you transfer the ritie to the proQerty to someone else, but retain a tife estate in and continue to rec�ive the homestead
<br /> classificstion on the property, the improvemenu continue to qualif�•for the esemption. If you transfer title to a related
<br /> person or persons as a aift or inheritance, the e�emption espires as of the neYt assessment date.
<br /> In �eneral, as lon� as you, the owner of the homestead, made the improvements to the house, maintain the property as your
<br /> princioal residence and r�ain an o�ti�nership interest or control of the propern�. the improvements continue to qualify for the
<br /> esemption.
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<br /> If vou live in a cirv or to«�n that requires buildins�ermits, you must obtain a buildin� permit for construcson of the
<br /> improvement be�ore tbe u�ork commeaces. In addition vou must compiete a separate application for value e:�emption before
<br /> the ne;ct assessment�te. If you do not obtain a buildin�permit beiore cons:ruction be�ins, the improvemeats are not
<br /> eligible for exernption_
<br /> If vou ]ive in a ctv or.ou-r�that does not reQuire buildin2�ermiu, vou must maI:e application ,`.or ese.'notion beiore the
<br /> improvement is be�.in_
<br /> The ezemprion rriay be applied to no more than three separate improvemenis ma.,de to the nouse and�ara�e. All
<br /> improvemenu lisr.e�on a singIe building permit or an appiication for the e�emption constitute a single improvemeat.
<br /> In either case, if more tban three separate improvements are planned��ou must choose�chich imQrovemenu you w-ant to
<br /> qualiry for the e�cemption.
<br /> Once an improvemeat has been desiPnate� for e�emption, it cannot be repealed or reaiaced by a later improve:r.ent.
<br /> If you need additional information, please contact your assessor's office.
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