1998-010289 - land alteration - Laserfiche WebLink

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_ � .;; :..:.<:::..,.:... : . . _ _.. .. ... .: ;. , ... , , . . - _ ...:; CO�T'QF 13IPRO�EI�ENT�S TH��aLLE INCRE�SE;.;T�.THE �'ROPERTY < .. ....... ....... :�lthou�h the cost of imorovemeau mav be substantial. the actual vaiue added can be si�incanciv fess. �:es can be ia;?e1�� ar*s-iouted to thr,,� factors: "" • Often times, improvemenu made to a house, par�icularIy an o(der house, constitut� routine mainte;iance and do not cause the�aluation:o increas:.. Reshinglin�a raoi, painting the house, reoairing a rour:dation, replacing a plumoir:o fixture are alI �samples of improvemenu tha_t�z�oul� not ordinarilv resul[in a vaiue incr�se. v • Improvements made to an individual's home of�en times reZect that parCicular individual's personal likes or inte;ess and . most rimes the cosc cannot be r;cover� whea a property is sold. �dding a sauna, a grer:lnous� or an inaeor s«irnr,tin� poot u•euld a?I be examoles oi imorovemenu that ty�icaliv add less valu�than their cost. • Improvemenu �e to cii�erent areas of a house t�picalI�� result in gr�ter or lesser returns. It is a«�elI esabiishe3 appra.isal princioal that re:nadeling or improving a house's service areas (kitchen, Ia�ndrv and bat.zroom) �vill�ene;�,liv �zetd the great�st re:urn to the o«-ner. Expenditur�s such zs finis:zing ba�e:nent; or attics «iil Qe��:-aiIv produc�Lh� s;naIlest retum. �lthou�h these conside:aLions mav var�f from house to house and market to mark�t, in almost no inst<:r:ce is it possible to :eceive a dollar for dollar return beR�-eea cost and value added to tne house. ; , ..: . ..... ; .: :.;.. :; ..:..:::: . .....::. ....:.::: .......: ..S�L�C7R:TRr'�i�SFER.OF Ol�VIY_ERSF�IP;OF:PROPER�'� !: .. ........... :.:.:.:..:.:....:.......... :...._._ ..: linder the la�v, a property owner must disclose to prospective buyers whether any improvements made to a home are eaempt from the property tax. Add.itionaIlr•, selfers are aIso required to notify buyers that the exemption will terminate when the property is sold. If vou seil your property, only improvements made b��the bu��er aTter the closing date of*.he sale are �:iQible ior th� 2Y�mption. If the property loses its homestead status *.he es�:nption �xpires as of th� nc�t�ssessmenc dat�. If the name of one of the owners of the propem• is removed from the titIe to the propertr• as a ;ess(t or a s::par�tion or diti•orce, or if a name is added to the ti[le of the property as a result or a marria�e. the improvements continue to eua':i�� far the exemp�ion. � � If you transfer the title to the property to someone eIse, but retain a life estate in and con�inue to recei��e the hom��st�d c(assincation on the property, the improvemenu continue to qualif�•for the esemption. If you transfer title to a related person or persons as a Dift or inheritance, the exemption e�pires zs ofthe ne�t assessment date. In �eneral, as lon� as you, the ow�er of the homeste�d, made the improvemeats to the house, maintain the property as your principal residence and re:ain an o«�nership interest or control of the prooem•. tne imoroverr,ents continue to qualify for the esemption. ., ::.:.:.::.;:;::.:�;: .;. ' , ..:.:'�L�KI�tG.�PPLIC�TION ... ...;::. ..:::. _ .....:. ,...,,.. _ ..,..: ,..:... ...:.... ........ . ..:..... .. . . : . .......,.: . . ;:...;. . . :: If vou Iive in a cirv or to�vn that requires buiIdinQ�ermits, you must obcain a buildin� permit for construction of the improvement berore the «�ork commeaces. In addition ��ou must complete a separate aoplication for value esemotion before the next assessrnent date. If you do not obtain a building permit before construction begins, th� improvemeacs are not e?igible for eYemption. I`��ou live in a citv or to�;-n ihat does not reQuire buildin� oermits vou mus ma�:� appIication for e�e:nocion beforz the improvement is b�.ui. The exemption may be applied to no more than three separate improvements made to the house and garage. All improvements listed on a single buiIding permit or an application for the e�empaon corLstitute a sin�Ie imorovement. In either c�se, if more than threr sepasate imorove;nents are planned you mus[choose �vnich improvemeats you w-ant to qualify for the eYempcion. Once an improveznent has been desi;nated for e�emption, it cannot be:eoealed or replace3 b�• a later improve:nent. If you need additional information, please contact your assessor's office.