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. . . , - , ; , _C�ST O�Ih�PRO�EiV1£NT�S THE V�I:�E INCRE�SE TO� THE PROPER`I'Y` .... . .... .. ., ?�lthough the cosi of improvements may 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, particularly 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 exarnples of improvemenu that would not ordinarily result in a value increase. • Improvements made to an individual's home often 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�reenhouse or an indoor swimming poot would all be examples of improvements 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 (kitchen, laundry and bathroom)will generally yield the greatest return to the owner. Expenditures such as finishing basements or artics will ;eneraily produce the smallest return. Although these considerations mav vary from house to house and market to market, in almost no instance is it possible to receive a dollar for dollar return beRveen cost and value added to the house. ..:.:: ..... .:':.. :....:: ......:.:SAL�OR TRA�SFER f3F O�VNERSHIP OF PROPERT,1� ;; :...........::............:.:...::: Under the law, a property owner must disclose to prospective buyers whether any improvements made to a home are ezempt from the property tax. Additionall�, sellers are also required to notify buyers that the exemption wi11 terminate when the property is sold. If you sell your property, only improvements made b��the buver afrer the closin2 date of the sale are eligible for the esemption. If the property loses its homestead status the esemption expires as of the nc�t assessment date. If the name of one of the owners of the property is removed from the tit(e 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 exemption. If you transfer the title to the property to someone else, but retain a tife estate in and continue to receive the homestead classification on the property, the improvements continue to qualif��for the esemption. If you transfer title to a related person or persons as a gift or inheritance, the exemption e�pires as of the neYt assessment date. In general, as long as you, the owner of the homestead, made the improvements to the house, maintain the property as your principal residence and retain an o«mership interest or control of the propem�, the improvements continue to qualify for the esemption. .::::..�.::.:.;: ,:::..:::;>.:..: .,.: ;;:.:;;.:;.;:;.:.;:. :. >: ::.;:...�'iAKING APPlTC�,TI ON...:... ... : ... . . : - ...._ _ .,..,.. ,...... .......: . ........ . : _ . .;..;:.. :..; :,::... :.;:.,::: If vou live in a citv or to«�n that requires buildin�permits, you must obtain a buildin� permit for construction of the improvement before the�i�ork commences. In addition vou must complete a separate application for value esemption before . the next 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 to�s�n that does not rectuire building permits, you must mal:e application for esemption before the unprovement is begun. The exemption may be applied to no more than three separate improvements made to the house and�arage. All unprovements listed on a singIe building permit or an application for the e�emption constitute a single improvement. In either case, if more than three separate improvements are planned you must choose�r-hich improvements you want to qualify for the esemption. Once an improvement has been designated for e�emption, it cannot be repealed or replaced by a later improvement. If you need additional information, please contact your assessor's office.