1995-006940 - deck - Laserfiche WebLink

Home Browse Search

� , :. .: : ,. � .::; . :.. .. CO�'I'O�IMPRO�MENT�S THE V�L:�E INCRE�SE TQ THE �'120PERTY' ;, .... ..... ....:............ �ithough the cost of improvements mav be substantial, the actual value added can be significantly less. This can be lazgely� attributed to three factors: • ORen 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 plumbin� fixture are all examples of improvemenu that�vould not ordinarily result in a value increase. • Improvements made to an individual's home often times refleci that particular individual's personal likes or interesu and most times the cost cannot be recovered when a property is soid. Addin�a sauna, a greenhouse or an indoor swzmming pooi would all be examples of improvements that t�pically add less value than their cost. � • Improvements made to different areas of a house typicallv 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) w-ill�enerallv yield the greatest return to the ow-ner. Expenditures such as finishing basemenu or attics �t�ill generaily produce the smallest retum. �lthough these considerations may vary from house to house and market to markei, in almost no instance is it possible to receive a dollar for doilar return bericeen cost and value added to the house. . , . _ _.:. , ;: ` SAI.�;flR TRANSFER f3,F O�YNERSHIP OF PROPERTI' ;; ; ' .:. .:....................... . . ....... .. ......... . _ linder the law, a property owner must disclose to prospective buyers whether any improvements made to a home are ezempt from the property tax. Additionally�, 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 buver after the closing date of the sale are eligible ior the j . . � e�empuon. E If the property loses its homestead status the esemption expires as of the ne�t assessment date. ; f , If the name of one of the owners of the property is removed from the title to the property as a result of a separation or E, divorce, or if a name is added to the title of the property as a result of a marriage, the improvemenu continue to qualify for the exemption. 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 improvemenu continue to qualife� for the esemption. if you transfer title to a related person or persons as a sift or inheritance, the exemption e�pires as ofthe nest assessment date. In Deneral, as long as you,the owner of the homestead, made the improvements to ihe house, maintain the prope.rty as your pnncipal residence and retain an o�timership interest or control of the propem�, the improvements continue to qualify for the esemption. _:: <......... . �'i..�KING APPLIC:�TI Ot�I . .....: .. .. . > .....: ...:... . .... .. ..., .. .... . .: ...... :_ .. .. If vou live in a citv or to�vn that requires buiIdine permits, you must obtain a buiiding permit for construction of the improvement before the r��ork commences. In addition ��ou must complete a separate application for value exemption 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 v_ou live in a citv or tow°n that does not reQuire buildin�permits, you must mal:e application for e�emption before the improvement is begun. The exemption may be applied to no more than three separate improvements made to the house and gara�e. All unprovemenu listed on a sin2le building permit or an application for the e�emption constitute a single improvement. In either case, if more than ihree separate improvements are planned you must choose�vhich improvements you w�ant to qualify for the exemption. 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.