1997-009046 (tearoff/re-roof) - Laserfiche WebLink

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.- , > . ,: : ,.:.. _ ,:. . � .. :: .. . ... . COS.T 0�.�1�IPRQ�EI�ENT�S. THE V�LUE INCRE�SE TQ THE'PROP�.RTY ' �lthough the cost of improvemeats may be substantial, the actual vaiue added can be significantly less. �Ihis can be larQel�� attributed to threr factors: • Often times, improvements ma.de to a house, particuIarly an older house, constitute routine maintenance.and do not cause the valuation to increase. Reshin�ling a roof painting the house, repairing a foundation, replacing a plumbin� fixture are all e:�amples oi improvements that«•ould not ordinarily result in a value increase. • Improvements made to an individual's home ofren times reflect that particular individual's personal likes or interests and most times the cost cannot be r:cavered when a property is sold. ?.dding a sauna, a gree:inouse or an indoor swzmr:�ing pool would aIl be examples of improvements that typicallv add less value than their cost. • Improvements made to di�erent areas of a house typicall�� result in greater or lesser returns. It is a w�ell estabiished appraisal principal that remodeling or improving a house's service areas (kitchen, Iaundry and bathroom)�vill�eneraliv yield the greatest return to the o�vner. Expenditures such as finis;�ing basemenu or attics �vill �eneraily produce the smallest retum. �lthough these conside:ations may varv from house to house and market to market, in aimost no instance is it possible to receive a dollar for dollar return beri��een cost and value added to the house. . . ':S�.L�OR TR�i�SFER O:F O�YNERSFiIP O�PROP�RTI' - ....:: ..::....... .... ..... ....... ... .................. ......... ......... .. linder the law, a property owner must disclose to prospective buyers whether any improvements made to a home are ezempt from the property tax. Additionally�, sellers are also required to notify buyers that the exemption wiIl � terminate when the property is sold. If you sell your property, only improvements made b�•the bu��er after the closinQ date of the sale are elisible for the zsemption. If ihe property loses its homestead status the esemotion �xpires 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 oi a seqaration or divorce, or if a name is added to the tit;e of the property as a resuit of a marriage, the improvements continue to aualif�� for the exemption. If you transfer the title to the property to someone eIse, but retain a life estate in and continue to receive the homestead classification on the proper[y, 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 espires as of the neYt assessment date. In �eneral, as long as you, the owner of the homestead, made the improvements to the house, maintain the property as your principaI residence and retain an o�ti�nership interest or control of the proper[��, the improvements continue to qualify for the esemption. ::. -< . ..: .; ...�Z�KING.�PPLiC�TION ; ::: .. ,..,. :,.;. ........ ..:.. . . ...... .. .. ..... ......... ... . If vou�live in a citv or to��n that requires buildina permits, ��ou must obtain a buiidin� permit for construction.of the improvement before the��ork commences. In addition��ou must complete a separate application for value exemption before the ne:ct assessment date. If you do not obtain a building permit before construction be�ins,the improvements are not eligible for esemption. If vou live in a citv or to�•n that does not require buildinQ oermits, you must mal:e application for esemption before the improvement is begun_ The esemption may be applied to no more than three separate improvements made to the house and�ara�e. All unprovemenu listed on a singIe building permit or an appIication for the exemption constitute a single improvement. In either c�se, if more than threr separate improvements are planned��ou must choose�rhich improvements you w�ant to qualify for ihe esemption. Once an improvement has been desi�nated for exemption, it cannot be repealed or rzplac�by a later improvement. If you need additional information, please contact your assessor's office.