1998-010334 - land alteration - Laserfiche WebLink

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::.:.. ... . � . • `' :..<.. CO��"QF.I`_IPRO�1r1E�IT�S. THE V�Z.�E IiYCRE�SE`T� THE PROFERTY � . - ..,: ....... . :�l�hou�h th cost of improvemeats mav be subs�antial, the accual va.iue added can be sr�incanct� l,.ss. T'r:,s can b� i�Q�(�- a�:riouted to thr..�faccors: � - • Ofren times, improvements made to a house, par�icularly an older house, constitute routine maint�;iance.and do not cause t�e�aluatioa to increas�. Reshin�I:ng a rooi, painting the house, reoairing a four:datioa, repIzcing a plumbir.o fixture are alI e:camples of improvemenu thzt�coula not ordinariIv result in a value incr�se. - • Improveraer.ts rr�de to an individual's home oFen times r�Zect that pzrticular individual's perso�I likes or inte;es� anC most Bm�the cos:c.�nnot he r::overed when a prooe;ti•is sold. :�dding a sauna, a gr�:ineus�or an iridcor s«u-nr,cin� pool u•euId a?I be examoIes of ir,iprovements thac t�picaliv add less vaiue than their cost. V • Imorovements �e to di�erenc areas of a house t�vicaIl�•result in gr:ater or lesser returns. It is a w�eil establisEi.:d appraisal principal that re:nodeling or improving a house's service are�s (kitchen, lai�ndry znd bat,�room) �vill�ezen,liv �ieId the greatest re:urn to tFe o«-ner. Expenditures such ti nnisain� b�;emenU or arics «iil Qea�r�ily produc�Lh� s;nalIest return. �lthou�h these consid�:ations mav«7 frorrt hous� to house and market to market, in almost no insrance is it possible to :eceive a dollar for doll�r return be�veea cost and va!ue added to the house. ..:` ' .....::.. . .::..::. ....:..:: ....:::..S�L�C7R:TRr�i�SFER.OF.O�}'I�ERSHIP:OF PROPERFY . . .. ...........................:......:. ..: _. :. : linder the law, a property owner must disclose to prospective buyers whether any improvements made to a home are ezempt from the property tax. Additionall��, seliers are aIso required to notify buyers that the exemption will terminate ivhen the property is sold. If you seIl your property, onlv improvements made b��the bu��er afrer the closina date of the safe zre �;isible ior th� eY�mption. If the property loses its homestead status th:, ese:notion ��pires as of th� ne�t�ssessment dat�. . If the name af one of the owners of the propem• is removed from the title to the property as a resu(t oi a s::oarat;on or divorce, or if a name is added to the titie of the property as a resuit of a marriage, Lhe imorovements continue to euaii�� far the e�emgtioa. � If you transfer the title to the property to someone else, but retain a life estate in and continue to rec�ive the hom�st�d cl�ssincation on the property, the improvements cont�nue to qualif�• for the esemotion. If you transfer title to a related person or persons as a gift or inheritance, the exemption e�pires as ofthe ne:ct assessment date. . In �eneral, as Ion� as you, th� o«�ner of the homeste�d, made the improvements to the house, maintain the proper[y as ��our principaI residence and re:ain an o«nership interest or control of the prooem•, the improvements continue to qualify for th� esemption. :>::;:��>:�:�:::::::> :::: ..,.., :. ;:;::.;;::>;�:�:. : �.:::�::;:.::: ,,:;;;.:::..; - ;:'�L�KI�G?,PPLiC�.TION:.. ..:.:... . _, .... ........ . . ,.....,,..:�.:,::.::: .:. .. . . ...... ......... . ........ . . � ......... :....:.. .....;.:.. _.. .....:.: If vou live in a citv or to�vn that reouires buitdinQ�ermits, you must obtain a buildin� permit for construction of the imorovement before the«�ork commences. In add.icion��ou must complete a separate application for val�e esemption before the ne�ct assess�nent date. If you do not obtain a building pemit before cons:ruction begins, the improvemencs are not e?i�ible for eYemption. If vou live in a citv or to�;�n ihat does not reQuire buildina oermits vou must mal:� appIication ;or e�e.�ocion before th� imarovement is bz�.in. The exemption may be applied to no more than three separate improvements made to the hous�as.d gara�e. All 'unprovements listed on a si.ngIe building permit or an application for the e�empcion constitute a sin�Ie imorovement. In either c�se, if more than thr�separzte improvements are planned you must choose�r•t►ich improvemeats you u-ant to qualify for the esemp[ion. Once an improvement tias bern desi�nated for e�emption, it cannot be:eoealed or reptac�3 b�• a Iater imorove:nent. If you need additional information, please contact your assessor's office.