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w <br /> _ <br /> , <br /> :: . ...::: .... '.:; ..CO�T'.OFI�IPRO�E�iENT�S ?HE�aL�E INCRE-�SE;<TQ._THE PROFERTY ->: ' ; <br /> ... :. <br /> �lthough the cost oi imorovemeau mav be substantial. the actual vaiue added can be si�incan�iv less. T�:is can be iarQe(�� <br /> at*.riouted to thr.:,, iaccors: ' ' � <br /> • Often times, irnprovemenu made to a house, par'�icularly an oIder house, constitute routine mainte;iance and do not <br /> cause the vaivation:o increas�. Reshin�lin�a raoi, painting the house, reoairing a four:ciatioa, replacing a plumoir.� <br /> fixcure are all e:camples or improvernents tha_t w•oula not ordinarilv result in a value incr�se. � <br /> • Improvements made to an ind.ividual's home ofren times reflect that pa.rticular individual's persoaal likes or inte:ests anci <br /> . mosc tim�the co� cannot be r::overed w•hen a prooert��is sold. �dding a sauna, a grer:inouse o: an incieor s�zu-n.;ung <br /> pooi w•euld aII be ex�nples of imoro�•ements that t��icallv add less vaIue than their cost. <br /> • Improvemenu rriz.de to di�erent areas of a hoase ryvicalI�• result in gr;.ater or lesser returns. It is a«�ell zsablish� <br /> appraisaI principal that remodeling or imDroving a house's servic�areas (kitchen, taundry and'oat,7room) wzll�enen,liv <br /> vietd the great�st re:urn to tE:e o«-ner. EYpenditures such as finisaing base:nent; or artics «ill Qeaeraily produc�th� <br /> s;naIiest return. <br /> �lthou�h these consid�:ations mav var��from house ?o house and mark�t to mark�t in almost no instance is it possible:o <br /> :eceive a dollar for dollar return beR��eea cost and value added to the house. <br /> �. �: ..... .... : >..... <br /> <„ :.:. <br /> , . :. <br /> ` ` .....: :...S.�,L�;OR:TR��SFER.OF 01��'I�,ERSI-iIP OF.PROPER�'Y ; ' >< <br /> . ......... ......... ......... . .... ......:.. .......,,: ..._..: :.: <br /> linder the la�v, a property otir•ner must disclose to prospective buyers whether any improvements made to a home are <br /> eaempt from the property tax. AdditionaIi�•, sellers are aIso required to notify buyers that the exemption will <br /> terminate when the property is sold. <br /> If you seIl your property, only improvements made b�'the bu��er aner the closins date of*he sa[e ar� e:iQible for the <br /> eY�mption. <br /> If the property loses its homestead status the ese:notion expir�s as of the nczt assessment dat�. <br /> If the name of one of the owners of the propem• is removed from the titIe to the property as a resslt oi a s::paracion or <br /> divorc�, or if a name is added to the tit;e of the property as a result of a marria�e, the imorov�ments continue to eua':i�� <br /> for the exemp�ion. <br /> If you transfer the title to the property to someone else, but retain a li�e estate in and continue to receive the hom�s�ead <br /> classification on the properry, the improvemenu continue to qualif�• for the esemption. If you transfer title to a related <br /> person or persons as a sift or inheritance, the exemption espires as of the ne:ct assessment da[e. <br /> In �enerai, as long as you, the o�vner of the homeste�d, made the improvemenu to the house, maintain the proper[y as your <br /> principal residence and re:.ain an o«�nership interest or control of the prooem•. tne imorovements continue to qualify for the <br /> es�:nption. <br /> .. <br /> , . :.;.:�LAKI�G.�PPLIC�TIO�I .....:::. ...:: ...: ..... .... ,....;>:: <br /> . ......., :..,,. .. ..,.,. .. .:.. ......... ......... . ...:..... ....... .. <br /> If vou live in a citv or to«rn that reauires buildinQ oermits, ��ou must obtain a buildin� permit for construction of L�:z <br /> imorovement before the«�ork commeaces. In addition��ou must complete a separate aoplication for value e�emotion before <br /> the next assessment date. If you do not obtair► a buildin�permit before cons:ruccion begins, the improvemencs aze not <br /> e!i�ible for esemption. <br /> If vou live in a citv or to�;�n that does not reauire buildins oermits vou mus maI:� application ;or exe:nocion beforz th� <br /> improvemen[is b�.in. <br /> The exemption may be applied to no more than three separate improvements made to the house ar.d�ara�e. r11I <br /> improvements listed on a sinQle building pernlit or an application for the e�empaon constitute a sin�Ie imorovement. <br /> In either c�se, if more than threr seoarate imorove;aents are planned you must choose�r•nicn improvemeacs you w-ant to <br /> qualify for the exemption. <br /> Once an improvement h.�s b�n designated for exemption, it cannot be:eoesled or ra�Iac� b�� a later imorove:nent. <br /> If you need additional information, please contact your assessor's office. <br />