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<br /> :���������� '� �o��r�i�Ro�i?�,,���s i�.�-a��K:.r�c�€:�s�"�ci� - : ".: '
<br /> �!thoug'n th�cosc of imQro��meats may b�substantia! the a � �����FER"I� � ���-- :.
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<br /> , ccual vatue added.can be signincandy las,. �his c�n b��s��j�,�
<br /> . attziouted to thrr faccors: '�' '
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<br /> • Oftau times, urcprovements made to a housa,particularly an oider house,constitute roucine mainteaance_and do noi
<br /> cause the�aluadon to incrcase. Rahingliag a rooi,painting the hoase, reoairing a foundatioq re�Iacing a piumbir.�
<br /> fixture are alI e.camples oi improvements that«oulci not ocdinarily result in a vatu�incre�se.� � �-
<br /> • Improver.i�uts made to an individual's home often times refIect thatparciciilar iadividual's persocal l�ces or interescs aae
<br /> • mos vma the ec�s caanot be.r-;.overd whea a propemr is soId. �,dding a sauna, a grrrz�aouu oi an iadoor�s«;..ru;�� �
<br /> . pool:Keuld aIi be cxampies of impro��ements ihat t��icallv add less value than their cost. � � � � � . . . . :
<br /> • Imgrovemenu mzde to diaerenc are�s of a house t�picalh•result in gr�tter or lesser returas. It is a weI�atabiishe3 �
<br /> appr�isaI principal that r�:nodeling or imoroving a house's service areas(kitchen, Iaundry and bzthroomj t�I geaeczlI� .
<br /> tiietd tha greatesc re:urn to the o«ner. E�cpenditura such as finis';ung basemtnts or attics�vill geaeraIIv produr tti�
<br /> smaIl�t recura: . � _
<br /> �,lthough these conside:atioas may vary from house to house and markec to marl:et, in almost�o ir�st�nc�is it possible to
<br /> :eceive a doilar for doU�r retum benc�er.n cost:nd vaIue added to the house.
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<br /> linder the la�v, a property own�r must disclos�te prospective buyers whether any improvements made to a hom�are
<br /> ez�mpt from the property tax. AddiuonaIIy,selters are sIso required to notify buyers that the exemption�wiIl
<br /> terminate when the property is sold. � �
<br /> If you sdl your prop�rty, only improvements made b�%the bu�er after the closine data of the sale are eIi�ble for the
<br /> ex�mpuon. � .
<br /> If the property loses its hom�stead status the es�:nption expires as of the nc.��t assessment dau. - r��. -
<br /> If the nam�of one of the owners of the propern is removed from th�titie to the property as a resslt of a s�Da.caiiOn Oc .�
<br /> dirorce, or if a narne is added to the titDe of the propecty as a resutt of a marriage,the irnpro�ements conanue to eualify.�
<br /> ;or the exemptioa. .
<br /> If you Lransfer the title to the property to somtone eIse, but retain a tife estate in and concinue to recaive the hom-sttsd
<br /> classificatioa oa the propercy,the improvements continue to qualif�•for the e�emption. If you tra.i�sfer title to a related
<br /> person or persons as a gift or inheritance, the exe:nption expires as oftht ne.ct assessment date. . �
<br /> In generaI,as long as you,th�owner of the homeste�d, made the improvemeats to ttie house,maincain the prvpertw as your
<br /> principai resideace and retain an o«�nership inta�st or convol of the pcopem,th�improvements contiriue to quatifv for iha �
<br /> esemption. . _ ., .
<br /> � � �IY�G�"w'�P�T,°"��T (�.: . �
<br /> .If vou live in a citv or tocvn that reauires buildinQ oecmits.you must obtaia a bw'ldina permit for cansuucdon of tl:e
<br /> improvement before the work.commenc�s. In addidon you must complete a separate application for valcce�e:npuon befor�
<br /> the ne.ct assasment date.�If you do not obtain a building pemit before eonstruction bc3ins;the impcovemeacs are not � " �
<br /> ea�ble for e�canption. � : ' � . , , . , : . ; . - . : .
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<br /> If vou live in a citv or to�n that does not reauire buildin¢oermits�you mus'mal�e appIication for e�e.�npaon before th� � �
<br /> unprave.-nent u begun. - • _
<br /> ?he ezemption may b�applied to no more than three separate�improversents rc�de to the house aztd gara�e, e�il ~
<br /> irngrovemencs Iisted oa a singIc building permit or an application for the�camption coastitute a singIe improvem�nc �
<br /> Irt zither rase.if more than thr�separate improv�menu are planned�bu muse choosa t��tich improvtmencs yoa vsant to �
<br /> qualify for tbe�cempdon. . � • _. .
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<br /> Once aa improverueat h�s be�n designated for ex�mption, it cannot be repesIed or reptac�by a Iater improvemen� � .
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<br /> If you need addidonal inform�tion,please:contact your assessor's office. , _ „ �
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