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<br /> :�Ithou�:n the cosc of improvemeat5 may be subscantial,the actual value added can be si�incantty tess. This can b� I,sg���:��
<br /> atcriouted to three facton: • .
<br /> • Ofreu times, improvemenu made to a house,par�icularly an older house, constitute routine mainte;iance.and do noi
<br /> cause t�e�aluation to increas�. Reshinglin;a rooi,painting the house, reoairing a foundatioq repIaciag a plumbir:g
<br /> fixture are all e.czmples of improvements that�coula not ordinarily result in a vaIue incr�se. '
<br /> • Improvemeats made to an individual's home often times refIect thatpasticular individua.I's personal likes or interests an� .
<br /> mos rim�th�cost eannoc be.re;,overe3 whea a prooery is sold. �dding a sauna, a gree:inouse or an iridoor.swu-ru;cing
<br /> poo!weuId aII be examoles of imorvvements th�c t�picalty add less value than their cost.
<br /> • Improvements made to di�erenc aze2s of a hoase Rpicall�-resuit in grester or lesser returns. It is a vswei�estabiish�3
<br /> appraiszI princioal that re:nodeling or urioroving a house's service areas (kitckea, taundry and bathroom)�vill genen,.liy
<br /> �ieid the greatest re:urn to the o«-ner. E�cpenditures such as finisnin�base:nents or attics«iIl�ea�rzIly produc�th:
<br /> s;nallesc recum.
<br /> �lthough these eonsid�:ations may vary frorrc house to house and markec to market, in almost no inscanc�is it possibie to
<br /> :eceive a doilar for dolIar return beac�e�a cost and va!ue add�d to the house.
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<br /> S'�i.E OR�TRA�S�ER��OF O��:L�FERSFiIP OF pROP.ERFY�,�: ..•`� , < � <:
<br /> linder the la«a property owner�must disclose to prospective buyers whether any improvement;��de to �...}y�:.,�„..F.
<br /> ' a home are
<br /> ezempt from the property tax. AddiuonaIlr, sellers are aIso required to notify buyers Lhat the exemption�will
<br /> terminate when the property is sold.
<br /> If you seIl your property, only improvements made bc•the bu�er after the closinQ date of the sale are eligible for the
<br /> ex�mption. � .
<br /> If the property loses its homestead status the es::notion expires as of the next sssessmen[dat�.
<br /> If the name of one of the owners of the prapem• is removed from the title to the property as a result oi a s�oaration or :
<br /> divorce, or if a narcie is added to the title of the property as 2 resutt of a marri�;e,, the imorovemencs continue to ae�ali��.
<br /> ;ar the exemgcion. •
<br /> If you iransfer the ritle to the property to someone else, but retain a life estate in and continue to re�sive the hom�sc�d
<br /> classificstion on the propemr,the improvements concnue to qualif�•for the esemption. If you transfer title to a related
<br /> person or persons as a gift or inheritance, the exempcion espires as ofthe ne:ct assessmeat date. .
<br /> In general, as long as you. th�owner of the homeste�d, made the improvements to the house= maincain the property as your
<br /> principaI residence and retain an o«�nership interes:or control of the propem•,the improvements continue to aualify for the
<br /> esemption.
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<br /> .If vou iive in a c�tv or to�ifn�that re.uires buitd nQ v�ectnits,�,t ou must�bt��a,'buiIdina'�`er�t�for canst�tton of .+� ,�
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<br /> improvement before the�;•ork commeac�s. In addition��ou must eomplete a separate application for vaIue exernption before
<br /> the ne.ct assessrreeat date. If you do not obtzin a building pernic before cons:rucaon begirLs,the improvements are not
<br /> e?igible for esemption. � . . -
<br /> If vou live in a cit�-or to��n that does not reQuire buiIdinQ oeRnits }�ou mus maI:e apQlication for e���notion befor�the
<br /> imorovement is be�vn. � �
<br /> ?he exemption may be applied to no more than three separate improvements made to the house and ga.r�e. r11I
<br /> unproverr►ents listed on a singIe building permit or an applicadon for the e�empcion constitute a singIe improvement.
<br /> In either case. if more than thr�sep�ate imorovements are planned��ou musc choose�r•nich improvemezcs you�ant to
<br /> qualify for the esemp[ion.
<br /> Once an improvement has been desi�nated for exemption, it cannot be regeale3 or replace3 by a Iater improve:nent.
<br /> If you need additional information,piease contact your assessor's office.
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