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<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 improvements that would not ordinarily result in a value increase.
<br /> • Improvements made to an individual's home often times reflect that particulaz individual's personal likes or interests and
<br /> most times the cost cannot be recovered when a property is sold. Adding a sauna, a greenhouse or an indoor swimming
<br /> pool would all be examples of improvemenis 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 remodelin�or improving a house's service areas (kitchen, laundry and bathroom)will generalIy
<br /> yield the greatest return to the owner. Expenditures such as finishing basements or attics will genera.11y produce the
<br /> smallest return.
<br /> Although these considerations may vary from house to house and market to market, in almost no instance is it possible to
<br /> receive a dollaz for dollar return ben��een cost and value added to the house.
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<br /> Under the]aw, a property owner must disclose to prospective buyers whether any improvements made to a home are
<br /> eaempt from the property tax. Additionally, 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 eligible for the
<br /> esemption.
<br /> If the property loses its homestead status the esemption expires as of the next assessment date. ,
<br /> If the name of one af the owners of the property is removed from the title to the property as a result of a separation or
<br /> divorce, 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 exemption.
<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, the improvemenu continue to qualif�•for the exemption. If you transfer title to a related
<br /> person or persons as a gift or inheritance, the e�emption e�pires as of ihe neYt assessment date. .
<br /> In general, as lon�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�vnership interest or control of the property,the improvements continue to qualify for the
<br /> exemption.
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<br /> If vou live in a citv or to�im that reQuires building permits, you must obtain a buiidins permit for construction of the
<br /> improvement before the work commences. In addition you 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 are not
<br /> eligible for exemption.
<br /> If vou live in a citv or town that does not reauire buildin�permits, you must make 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 singIe building permit or an application for the e�emption constitute a single improvement.
<br /> In either case. if more than three separate improvements are planned you must choose�vhich improvements you want to
<br /> qualify for the exemption.
<br /> Once an improvement has been designated for e�emption, it cannot be repealed or replaced by a later improvement.
<br /> If you need additional information, please contact your assessor's office.
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