1998-010267 - tear-off/re-roof - Laserfiche WebLink

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_ . `� _ _ : , _ . . ...,. > CO�T O�I�IPRO�Eti�ENT �S :TH��LLE INCRE�SE';.T� THE PROFERTY -< ... . .... ...... .... ...... . : �!thou�n the cost of imorovemeats mav be subsantial. the accual vaiue added can be si�incancl� less. �;cs can b� :ar��f�� at*.riouted to thr..� factors: ` ' • Often times, improvemenu madz to a house, par�icularly an older house, constitut� routine ma�inte:iance and do not cause the�aluation.o increas�. Reshingl:n�a roof, painting the house, reoairin� a iour:datioa, re�,Iacing a plumoir.Q fixture are alI �:camples of improvemeats tha_t«•oula not ordinariIv resuit in a vaiue inc,-:.�se. V • Improvemenu made to an ind.ividual's nome o��en times refIect that particular individual`s persoaal likes or inte:es-s and . mosc tim�the cost cannot be r;�over:,d whea a prooerty is sold. �ddin� a sauna, a gre-e:uiouse or an iricieor s«u-nr,iin� paoi u•euld z!I be e�noles oi imoro��emenu thac t�picaliv add less vaIu�than their cost. • Improvements �e to di�erenc areas of a house ripicalI}�result in gr;.ater or lesser returns. It is a well established appraisaI princioal th�t re:node!ing or imoroving a house's service areas (kitchen, Iaundry and ba*��room) �vill Qeae;�.liv �ield the greatest re:urn to tf:e o«-ner. Exper.d.itures such as finisaing b�e:nenU or attics w-iil a�a�r�ily produc�th� s�nallest retum. �lthou�h these consid�rations mav van�from ho�se to house and market to market, in alrriost no instance is it poss�ble:o :eceive a dollar for dollar return beR��eea cost and value added to tne house. . .:. ... ;. :: :;� :.:.::.:: ... :.::.: ........' .....:<:...S�.L�OR:TR��SFER.OF O1�YN,�RSHIP OF.PROP�R�'Y. :; ..... . . :..................:. ... .. :. : lin�er the la�v, a property owner must disclose to prospective buyers whether any improvements made to a home are eaempt from the property taz. AdditionaIlv, seIlers are also required to notify buyers that the exemption wil! terminate when the property is sold. If vou sell your property, onlv ir.iprovements made b��the bu��er aner the closinQ date of*.he safe are e'.iQible ior th� exemption. If the property loses its homestead status r.he es�:notion �xpir�s as of th� ne�t assessment date. If the name of one of the owners of the propem• is removed from the titIe to the property � a resslt oi a separat,on or divorc�, or if a name is added to the ti[,e of the property as a result oi a mamage, the improvements continue to eua!i�� ;or the exemF[ion. � If you transfer the title to the property to someone eIse, but retain a life estate in and continue to recei��e the hom�stead clzssification on the propeny, the improvemenu continue to qualif�• for the esemption. If you transfer title to a related person or persons as a aift or inheritance, the exemption e�pires as ofthe ne�ct assessment date. In �eneral, as long as you, the ow�ner of the homestead, made the improvements to the hous�, maintain the property as your principaI residence and reain an o�t�nership interest or control of the prooem�, t'rie inprovements continue to qualify for th� exe:nption... _ _ _ _ .: : : .:: .:..:... . :..::: :.:::.: .,.... .. :'�L�K�NG.�FPLIC.�.TION .....:::. . .. .,:;: ;.<.:.. ...;:.. .._ . ' ....... ......... ......... ... :..... :.. ::.: If vou live in a cirv or to�vn that reauires buiIdins oercnits, you must obtain a buiidin� permit for eonstruction of tf:e imorovement before the��ork commences. Ln addiaon ��ou must complete a separate aoplicauon for value eYemotion before the next assessment date. If vou do not obtain a building pern�it before construction begins, the improvemencs are not e!igible for eYemption. If vou live in a citv or to«�rt that does not reauire buildin�oernzits, you must mal:e aDplication ;or exe:nocion before th� improvemen[is b�.m. The exemption may be applied to no more than three separate improvements made to the hous�and�arage. All unorovements listed on a�ingle b;�FIding per�rur of an appiication f�r the exempaon constitute a singIe improvement. In either case, if more than threr separate imorove�ents are pIanned}•ou musc choose �r•nicn improvemeats you w�ant to qualify for the esempcion. Once an improvement h�s be�n desi�nated for exemption, it cannot be:eoeaIed or repIac� bv a later improve:nent. If you need additional information, please contact your assessor's office.