|
�
<br /> ;:::::::;;;.<�::;»�:;::»::;:>:<::<::::<:::;:> :. <. . '
<br /> >:.:;:::,;.::::.:.::::.;;.::.;�<.;:::,. _ <:: ..:. _ ;:. :. :> <.:
<br /> ,,.
<br /> ;;::;::.:.;;:;.::.;:;:�.>:.;.::.>;;.;;:.;:;.::. , , : , � :.:: :.: �.::;...:.:;.:;,:.::.;:.::.:;.:�...:::.::.::;:.::;:.:�.::
<br /> ,..,.:;...::;:::;:.:::.;.::.::;:>:;::<;. �QS.'T'�>Q�:;�h�PRO.�EM£1�tT;�S.:TH�:::titALLE:INC :;; ;:::;<::;::,<:::>>:;::;:;;;::::;:
<br /> I�Er�SE T�r THE PROPERI`If"
<br /> .................................,.. ..:...:: :........ ... .:.:....:::....:..:::....:.:.:....::: .:.:,:.......:......:::...:...:.-.::: .
<br /> :.:;�:,:;.:
<br /> ..:. ........ .... .;;..:::.:.;:
<br /> Although the cost of improvements may be substantial, the actual value added can be significantly less. This can be largely
<br /> attributed to three factors:
<br /> • Often times, improvements made to a house,particularly an older house, constitute routine maintenance.and do not
<br /> cause the valuation to increase. Reshingling a roof, painting the house, repairing a foundation,replacing a plumbing
<br /> fixture are all examples of improvemenu that would not ordinarily result in a vaIue increase.
<br /> • Improvements made to an individual's home often times reflect that particular individual's personal likes or interesu and
<br /> most times the cost cannot be recovered when a property is sold. Adding a sauna,a greenhouse or an indoor swirnming
<br /> pool would all be examples of improvements that typically add less value than their cost.
<br /> • Improvements made to different areas of a house typically result in greater or lesser returns. It is a well established
<br /> appraisal principal that remodeling or improving a house's service areas (kitchen, laundry and bathroom)will�enerally
<br /> vield the greatest return to the owner. Expenditures such as finishing basements or attics will�enerally produce the
<br /> smallest retum.
<br /> Although these considerations may vary from house to house and ma.rket to market, in almost no instance is it possible to
<br /> receive a dollaz for dollar return beRveen cost and value added to the house.
<br /> :::::::::�;:><::>::>v:;::>::>:.;>:;>:::::;..;>::;..<::::::>:::::<:::.:::>:>:::>::.:»::::;.;�.;�:.:::,..<;�.:.:.:>::;:.>:..�:.:.;:;� .� ::.: >:: ;:.. _ ::. .;: ;�:.;::.;:.:»<:;:>:;::»:;;>:_::::<:<:::;::>:::«:<::::<;�:<:«>:�::>::>:::::;»�<::,;::::�:<:.
<br /> :::x::>::>:::�:�::>: a ; ::. , ::::::::.:.:::.:.::.:::.<:.::.�::::::::.:::::.:.. .. .:........:
<br /> ii�..i:'v-iiY:•,:::.i;v::x:.:v�.::i}i}i'•i%:�i:vi::.�{�ii�ii:iiiii}iii:4ii^: " .
<br /> .. L":i��:i ':i..:. ��.�' .
<br /> "'' � : ' ' :' . :�:: .:: : :. ' '.: :':::$::i'r'ri:::i:i:::::::i:::i:::i::S:::::::::::{i�.ij::ii.':i:i:ii.`::::::;;',:.:iF`.:'i::i'i
<br /> ,. 5::::..:..:::C3R.T�A�S�'ER O�OWiti1'ERSHIP OF.PROPER'FIF..:.:...:.:..::::.�::.:.::::::::::.:.:..
<br /> ���> . ...,..
<br /> .::...:x.:::.,.:::::::.:...�::::;:..,.�:;,:.>;:;:.>:;;:.:::.::.:�::.:,;>:;::. .................................:....:..........................................................................:..::..::::::..:::::::,::::::::::::::::.�:::::;::.;:�;>;::;:;:.;;»:�:,:>:::>s::::
<br /> Under the law, a property owner must disclose to prospective buyers whether any improvements made to a home are
<br /> eaempt from the property tax. Additionall�, sellers are also required to notify buyers that the exemption will
<br /> terminate when the property is sold.
<br /> If you sell your property, only improvements made b��the buyer after the closing date of the sale are eligibie for the
<br /> exemption.
<br /> If the property loses its homestead status the esemption expires as of the ncxt assessment date. .
<br /> 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
<br /> divorc�, or if a name is added to the tit�e of the property as a result of a marriage, the improvements continue to qualifi�
<br /> for the e�emption.
<br /> If you transfer the title to the property to someone else, but retain a life estate in and continue to receive the homestead
<br /> classification on the property, ihe improvemenu continue to qualifi�for the esemption. If you transfer title to a related
<br /> person or persons as a gift or inheritance, the e�emption e�pires as of the neYt assessment date.
<br /> In seneral,as long as you, the owner of the homestead, made the improvements to the house, maintain the property as your
<br /> principal residence and retain an o«�nership interest or control of the property, the improvements continue to qualify for ihe
<br /> eYemption.
<br /> .::,:.:::....::.v:::A.;;:.;:.;�.;,::<:.»>:;,:::.L::<.�:::......n.::::..:::::::::::.:::.::.:,:::::.,.::.:::::::
<br /> ..:.......... . ... ............................<................ . .. <::::<:..:,:.:::::,.::::::::::::..:.::.:::::::..�..:.::::::.:.�.:::::,::,.�:::::::::::::::.:::::::::.::.:::::...,.,................................. .. .... ... ..
<br /> .::::..�.::.::::.:....::::::>,.:::::::,.::.:�::::.�:.::.:::.::::.:::.:..:.......................:..::..:..:. ::,..,:. . .. .::::. . . ...... :.... .: ..............................:.......::::...:..:::::::.�::::,::.:::....,.,... .,'......v......:.:.:..,,.
<br /> •va•.•..•..x�•�xv.}:•_•.v.?r::::%^:r::w:•n:;n�:::x::::::::ii:i.ii:i{LiiiY4:ii:•iii:::Jyyii:i:�i:iii: - i. :. �. '.. :.::. : .;. .:. :. . i.iY.:i:_:viiTiiiii•::iv:::.;:'.i:w:.i':.�{iY.:::::r:::n':::::�:::::::i::.i:v '
<br /> ...0......:.......:::::.�::.
<br /> •:�:L:}ii:.�.i:.::v...;.v....{:nv.x::.{..:v}::nr.x:::m:::m:::nw:::.;.,-�....
<br /> ...:.:...�:.:::.{::.}•::.:::::•:::.
<br /> n: .{..................... .
<br /> :+:{:nw:::x...................:.:...::.::::w:::i:i::.�$iii.`ii:iv::j;:{;:yiii:ii::::.
<br /> ::ri.::�::•ti;:�:;::::.;v . ..... ...:: + .::. :, .. ; .
<br /> ....�VIAI�ING�:� .P�:I ; N:�::>:?:::»::<:::>:::>�::<:�:>::::::>::::>::>::»::;::>:::::::::::::�:<:::<:<:<:<�;::<>:::<:�:<:»:::<;:;�::;:<:>:<=::>:::::>::>.:>:<:;�::>:::<:::»�:>::»<:
<br /> :.;; .......................... P . C�T�Q .,..::
<br /> r, :.,:.,::.::..:..:::,,,:.>..,,..:<:..:.,....,..:::,,..:. _ <::. ::.;.,...::.r..:...::.....:........:::. ......... ......:::::::::::::::: . . ;..... .....,._ .>_ .., .
<br /> If vou live in a citv or to�i�n that re4uires building permits,you�must obtain a building permit for construcrion of the...�.�.
<br /> improvement before the work commences. In addition��ou must complete a separate application for value exemption before
<br /> the next assessment date. If you do not obtain a building permit before construction begins,the improvements aze not
<br /> eligible for exemption.
<br /> If vou live in a citv or town that does not reauire buildin�permits, you must maice application for esemption before the
<br /> improvement is begun.
<br /> The exemption may be applied to no more than three separate improvements made to the house and garage. All
<br /> improvements listed on a sin�le building permit or an application for the eYempdon constitute a single improvement.
<br /> In either case. if more than three separate improvements are planned you must choose�ihich improvements you want to
<br /> qualify for ihe exemption.
<br /> Once an improvement has been designated for esemption, it cannot be repealed or replaced b� a Iater improvement.
<br /> If you need additional information, please contact your assessor's office.
<br />
|