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'_ ..:.;. CO�'F'QF_I1�TPRO�E��NT;�S. THE.'�.�L�.E I:�CRE�SE:T� THE PROFERTI' . .
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<br /> :�!�hauQ.n the cost of imorove;neau mav be subs�.ancial. li-�e actual vaiue added can be si�incanclv (ess. -I�;�S c�.-� b, :,�Q�����
<br /> a�:siouted to thr�., faccors: � " - .
<br /> • Ofren times, improvements made to a house, par�icuiarly an oIder hous�, constitute routine mainte;�nce.and do not
<br /> cause t�e�aluation to incre2s:.. ReshingI;ng a roo;. painting the house, reoairing a foundatioa, repIzcing a plumbir.o
<br /> fixrure are all ��rnples o;improverrceau thzt«•oula noc ordinariIv result in a value incr:.3s�. `
<br /> • Improverzen�s made to an ind.ividual's home oFen times rer�ect that�parCicular individual's personal likes or inte:es� zn�
<br /> most tim�the cos:cznnoc be r:,;,over:,3 w•hea a prooer�•is sold. �dding a sauna, a gr�;ineuse or a.n indeor sz�u-nr;un�
<br /> pool ucuId a?I be e�ples oi irioro�•ements thac npically add less vaIue thzn their cost.
<br /> • Irnprovements �e to diuerenc areas oi a house typicaIIv resulc in gr;:ter or lesser returns. It is a w•eII esta.blish�
<br /> appraiszI princioal that re:nodeling or improvin�a hous�s service areas (kitchen, Iaundry and ba�.�room) �viII�ez�n,.II�-
<br /> �-ietd the gr�test re:urn to tf:e o«�ner. E�cpenditures such as finisain� ba�e:rtent; oc arics «iIl seaeraiIy produc� �ti�
<br /> s:nallest recurn. �'
<br /> ?�ithough th�se consid�rations mav ti�nf from house to house and market to mark�c_ in almost no inst�nc�is it possble to
<br /> :ec�ive a dollar for doIlar return beRreea cost and va!ue added to tiie hous�.
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<br /> liader tne la�;�, a property owner must disclose to prospective buyers whether any improvements made�to a�home are.
<br /> esempt from the property tax. AdditionaIl�•, selters are also required to notify buyers that the exemption wiIl
<br /> terminate when the property is sold.
<br /> If you seIl your property, or.lv improvements mad� b��the bu�•er afrer the closinQ cLte of the safe are e;isible ior the
<br /> eY�mption. � � "
<br /> If the property loses its homestead status th:.es�:notion expir�5 3S Orth� nc�t assessment da��.
<br /> If the name of one of the owners of the propem• is removed from the titie to the property �s a resu(t ot a s::�arat;on or
<br /> divorce, or if a name is added to the title of the property as a resutt of a rnarri���, the improv�ments continue to euali;=e•
<br /> ;or the exemFcion. ' �
<br /> If you iransfer the titIe to the property to someone eIse, but retain a life estate in and continue to receiti�e the hom�s��d
<br /> clzssin"cstion on the property, the improvemenu con�nue to qualifti•for the esernption. If you transfer title to a related
<br /> person or persons as a gift or inheritance, the e�e:nption espires zs ofthe ne�ct assessmenc date. .
<br /> In �eneral, as long as you, the ow�ner of the homeste�d, m�de the improvemeats to the house, maincain the property as your
<br /> prine;paI residence arid re;.ain an o«�nership interest or control of the prooem•, tne improvements continue to quaIify for tEi�
<br /> ese:nption.
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<br /> If��ou Iive in a cirv or to«•n that reauires buildinQ�ecmits, }�ou must obt��in a buildin� permit for construction,of tt:e
<br /> imoroverr�ent before the�;�ork commeac�s. In addirion��ou must complete a separate aoplication for value eYW-notion befor�
<br /> the ne�t assessment date. If vou do not obtzin a building pernit before cor.s:ruction be�irLs, the improvecnencs aze not
<br /> e!i�ible for esempuoa. -
<br /> If��ou live in a citv or to�s-rt that does not reQuire buildinQ�ermi�s vou must mal:�application ;or e�e:nocion before th�
<br /> unprove.-neot is bc�un. �
<br /> The exemption may be applied to no more than three separate improvements mzde to the house as.d ga�a�e. All
<br /> unorovements listed on a siuele building pemit or an application for the��eraption constitute a sin�Ie imorovement.
<br /> In either c�se, if more than thr�seoarzte improvements arz planned��ou musc choose«•nich imorove:nencs you��ant to
<br /> qualify for ihe eYemption.
<br /> Once an improvement has been des��nated for e�emotior� it cannot be:epeale3 oc replace3 by a Iat�r imorove:nent.
<br /> If you need additional information, please contact your assessor's of ice.
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