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<br /> :'.:` .:..v:: CO,�'F Q�'.I�IPRO�E���TT._�S :THE.�.�,�.LE_I�,CRE�SE T� 'I'HE'PROFERTY .
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<br /> _ tnou��the cost of ir,iorove:neau mav be subst.antcal, tne actual vaiue acded can be sz�incancIv less. T�;,s can b� i,�`�(�.��
<br /> at:riouted to thr�., taccors: � ' .
<br /> • Ofren times, improvemenu rr�de to a house, pa�-�icufarly a�old�r house, consitute routine maint�;�nc�.and do no�
<br /> cause the�alua�oa to increase. Reshin�Iing a roo;, painting the house, reoairing a four.datioa, repiacin�a plumbir.�
<br /> fi.tture are a!I e.�mples of improvecnenu thaz��-oul�i not ordirL�.riIv result in a vaIue incr�ase. '
<br /> • Improveraertts r,i;de to an individual's home ofen times reZect that parcicular individuzl's perso�I likes or inte;es-U �.ne
<br /> mos�tim�the cos:c:nnot be r".overed whea a prope;ti•is sold. �dd�-�g z sauna, a gr�;inous�or zn indeor s«i„irrun�
<br /> paoI K•euld a?I oe examoIes of ir,ipro�•ements thac t;�picallv add less va?u�tha.z their cosc. �
<br /> • Improvement; rn�e to diuerenc are:s of a house t�picalh�result in gr:�ter or lesser recurns. It is a w•eil establish�
<br /> appraiszl principal that re:nedeling or imoroving a hous�s service are� (kitc;�en, Iaundry and bzli�room) �vilI�ea�;-��((v
<br /> �zetd the gr�tes re:urn to tE:e o«�er. Expenditurc.s such as finisain� b�;e:neat; or arics �vill seaerzily produc�t,h�
<br /> smaIlest recum. V
<br /> �lthou�h these corisid�:atiocLs mav«nr frorr�house to house and markec to marl:�c. in a.lmost no insrance is it poss�ble:o
<br /> :eceive a doil�for doll�r ;ecum be���e�n cost;nd va!ue added to t'r,e hous:.
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<br /> ...::; ,..:::. ...v::: .:.:..;:, ......:. S�L�OR:TFt�i�SFER.OF O!�}'IVERSHIP.OF PROPERFY
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<br /> linder tne la�v, a property ovrner must disclose to prospective buyers whether any improvements.made to a home are.
<br /> e.:empt from the property tax. AdditionaIlv, seI[ers are also required to notify buvers that the exemption will
<br /> terminate when the property is sold.
<br /> If you seIl your property, on!y improvements made b��the bu�•er ar:r the clos;n�date of the s�fe zre e;isiblz ior th�
<br /> ex�mption. � "
<br /> If the property loses its homestead status th:, es�:notion e�pires as of th� ncxt:ssessment dat:.
<br /> If the name of one of the owners of the propem• is removed from the title to the property �s a resa(t or a s�oara�ian or
<br /> divorc�, or if a name is added to the title of the propertr• as a resu(t oi a narria;�, the improv�ments continue to eua':i��
<br /> ;or the exemption. ' •
<br /> If you transfer the title to the property to someone eIse, but retain a life estate in and continue to recei��e the hom�stwd
<br /> c;assi.ncation on the properry, the improvements continue to qualifti•for th�e�e;�otion. Tf you transfer titlP to a related
<br /> person or persons as a gift or inheritance, the e�emption e�pires zs o:t't�e ne�ct 2ssessment d�te. .
<br /> In �eneral, as long as you. th� owner of the homeste�d, made the improvemenu to the house, maint�in the property as your
<br /> princ:pal residence and re:ain an o«�nership interest or control of tfie prooen•. t'r�e improvements continue to quaIify for th�
<br /> es�mption.
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<br /> If�•ou live in a citv or to��•n that reouires buildinQ�ermits, you mus�obtain a buildin� permit for construcdon of tf:e
<br /> imorovement before th����ork commezc�s. In addidon��ou must complete z se�arate aoplic�tion for value esemotion before
<br /> the next assesszient dzte. If vou do not obtain a building permit before corv:ruction begins, the improvemezcs are not
<br /> e'.i�ible for eYempuon. �
<br /> I`vou live in a cit-e,- or to�zn that does not reouire buildino nermits vou must ma4:� aopIication ;or exe:nocion before tF:�
<br /> improvement is b�un. �
<br /> The ezemption may be applied to no more than three separate improvements made to the hous�ar:d ga.ra�e. All
<br /> imorovements listed on a singIe building pennit or an application for tne e�e:apdon constitute a sin�Ie imorovement.
<br /> In either ca.se, if more than thr�seo�te imorovements are planned�•ou must choose�vnich improvemezcs you w�ant to
<br /> quzlify for the esempcion.
<br /> Once an improvement has bern desi�nated for e�emption, it carmoc be:epesle�or re�lac� bv a Iacer improve:nent.
<br /> If you need additional information, please contact your assessor's office.
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