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�� _. . . G._ ;::, _ COS'F Q�I�IPROVE'Yi�NT�S. THE VALLE INCRE�SE T0� THE'PROPERTY' : : . ;:. . :�lthough the cost of imgrovements ma� be substantial, the actual value added can be significantly less. This can be largely attributed to three factors: • Often times, improvements made to a house, particularlv 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 fixture are all examples of improvements that would not ordinarily result in a value increase. • Improvements made to an individual's home oft�n 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 greenhouse or an indoor sw�immin� pool would all be e�camples of unprovements that typically 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 established appraisal principal that remodeling or improving a house's service areas (kitc:�en, laundry and bathroom)will generally yield the greatest return to the owner. Expenditures such as finishing basements or attics �vill �eneraily produce the smallest retum. �lthough 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 beR��een cost and value added to the house. ,;. , ,.: ' < ,SALE;�R TR��SFER OF OWNERSHIP OF PROPERTI� _ ;: ' ...... ... .... ......... ::::: ;>.::: linder the law, a property owner must disclose to prospective buyers whether any improvements made to a home are eaempt from the property tax. Additionallr�, 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 buyer after the closine date of:he sale are eligible for the exemption. If the property loses its homestead status the esemption ezpires as of the nc�t assessment date. If the name of one of the owners of the propertv 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 marriage, the improvements continue to qualifi� for the e�emption. If you transfer the title to the property to someone else, but retain a life estate in and continue to receive the homestead classification on the property, the improvements cont;nue to qualif}• for the esemption. If you transfer title to a related person or persons as a Dift or inheritance, the e�emption e�pires as ofthe neYt assessment date. In ;eneral, as Ion� as you, the o�vner of the homestead, made the improvements to the house, maintain the property as your principal residence and retain an o«�nership interest or control of the propem�, the improvements continue to qualify for the eYemption. _ : _. : _ ' �4��KING APPLICATION...::: ... : ; . .. ... ..... .. . ..: ... .: .,. . , _::: ; ..::, .;:.,_: <.::::: If vou live in a citv or to�s�n that reuuires building permits, you must obtain a buildin� permit for construction of the improvement before the u�ork commences. In addition vou must complete a separate application for value esemption before the ne�ct assessment date. If you do not obtain a building permit before construction begins, the improvements are not eligible for exemption. If vou live in a citv or tow�n that does not require buildin� permits, you must mal:e application for exemption before the irnprovement is begun. The exemption may be applied to no more than three separate improvements made to the house and�ara�e. rUl unprovements listed 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�•ou must choose�vhich improvements you«,•ant to qualify for the exemption. Once an improvement has been desi;nated for e�emption, it cannot be repealed or replaced by a later improvement. If you need additional information, please contact your assessor's office.