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<br /> :�!chou�:n the cost of imorove:neats ma} be subs�ntial,tiie accual vzIue added can be si�ifican�(y less. �his c�b� :,sg����- +
<br /> a:�tiouted to thr,.�faccors: � � .
<br /> • Ofreu times, improvements made to a hous�,par►icuIarly an oIder house, constitute routine mainte,-ianc�.and do not
<br /> cause t�e�2luation to increase. R�hin�I�g a roof,painting the hoase, reoairing a foundatioq repIacing a plumoir.s
<br /> fixture aze aiI �.camples oi improvemeats thzt«•oulci not ordinariIy result in a value incrase. '
<br /> • Improvenents mzde to an individual's home of:en times refIect thatparticular individual's persoaal likes or inter�s-s a.ad
<br /> mos vm�the cos cznnoc be.r�.over�w•hea a prooerti�is soId. �dding a satu�ca, a gree:uiouse or aa indeor s�cu-nning
<br /> pooI vs-euld 2Il be e�rnoles oi imoro�•ements thzc ttpicaIIv add less vaIue than their cost. � .
<br /> • Improvements �e to di�erent ar�s oi a hocLse tyvicalh•rescclt in gr�ter or lesser returru. It is a wel�estabiish�
<br /> aopcaisai princioaI �t r�:nodeling or improving a hous�s service areas (kitc:�en, Iaundry and b�throom)�vilI geaen,ll�•
<br /> �zetd the greatest re:urn to the o«ner. E�cpead.itures such as finisaing base�ents or attics«ill ?ea.rziIy produce tEi� �
<br /> s:naIlest return. "
<br /> �lthough these conside:atioas mav�ary from house to hoase and mar;cec to market, in almost no ins�:nc�is it possole to
<br /> :e��ive a doilar for dol1�retum beRve�a cost:nd va!ue added to the house.
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<br /> linder tne law, a property owner must disclose to prospective buyers whether any improvements made to a home are
<br /> ezempt from the property tax. Additionall�, sellers are aIso required to notify buyers that the exemption will
<br /> terminate when the property is sold.
<br /> If you sell your p roperty, only improvements mad�b�r the bu�•er afrer the closing date of the sate zre c;igible ior the
<br /> e:c�mpuon. � .
<br /> If the property loses its homestead status the e�e:notion expires as of th�nc�t 3ssessment dat�.
<br /> If che name of one of the owners of the propem• is removed from the titie to the property�s a resslt oi a s�oar�t:on or
<br /> ciivorce, or if a name is added to the tit�e of the property as 2 result of a mam��e, the imocovemen�s continue to euzli�•
<br /> ;or the exemp�ion. • -
<br /> I�you iransfer the title to the property to someone else, but retain a Iife estate in and continue to receive the homest�d
<br /> clzssincation on the property, the improvemen�s cvntinue to qualif}•for the e�emption. If you transfer title to a related
<br /> person or persons as a gift or inheritance, the e�e;nption e�pires as ofthe ne�ct assessmenc date. .
<br /> In general, as Iong as you, the o«�ner of the homeste�d, made the improvem�nts to the house, maintain the propercy as your
<br /> princ;pal residence and re:.ain an o«�nership interest or control of the prooerty, tne improvements continue to qualify for the
<br /> ese:npuon.
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<br /> If��ou live in a citv or to�irn that reauires buildino Dern�its,you must obtain a buiIdin�permit for construction of tF:e
<br /> improvement before the�z�ork,commences. In add.iaon��ou must complete a sepante aoplication for valcce esW-nption before
<br /> rhe ne�ct assessment date. If you do not obtzin a building pernit before cons:ruction begiru, the im�rovemencs are not
<br /> e'.igible for esempuon. � . . -
<br /> Tf�•au live in a citv or to�;tc that does not reouire buil�'in?oermics you mus maI:�appIication ;or exe:nocion before th�
<br /> improve:nent is begun. � �
<br /> ?he ezemption may be applied to no more than three separate improvements made to the honse ar:d g�e. r111
<br /> unorovements listed on a sinQle building pemnit or an application for the e�eraption constitute a sin�Ie imorovem�nc.
<br /> In either c�..se, if more than thrce sepuate improvements azz planned��ou must choose��itich improvemezCs you�c�ant to
<br /> oaalify for the esempcion.
<br /> Once an improvemenc has been des�enated for ex�motion, it cannot be repesle3 or ra�Iace3 by a later improve:nent.
<br /> If you need additional information, please.contact your assessor's office.
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