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<br /> :�lthou�h the cosc of improvemeats may be substantial, the actual vaIue added can be significantly less. This can be largelv
<br /> attributed to three facton:
<br /> • Often times, improvements made to a house, particularly an older house, constitute routine maintenance.and do not
<br /> cause the valuation to increase. Reshinglin�a roof, painting the house, repairing a foundation, replacing a plumbin�
<br /> fixture are all e:camples oi improvements that would not ordinarily result in a value increase.
<br /> • Improvements made to an inditiidual'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 gre�nnouse or an indoor swz.-nr.iing
<br /> pool would all be examoies of improvements that t�pically 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�t•ell estabiish�
<br /> appraisal peincipaI tr.at rzmodeling or improving a house's service areas (kitchen, laundry and bathroom) will Qenerallv
<br /> yieid the greatest return to the o«�ner. Expenditures such as finishing basements or attics �t�ill generaily pr�duce L5�
<br /> smallest rerum.
<br /> ?�lthough these considerations mav vary from house to house and market to market, in almost no instar►c�is it possible to
<br /> receive a doIlar for doilar return bea��e�n cost and value added to the house.
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<br /> linder the la�v, a property owner must disclose to prospective buyers whether any improvements made to a home are
<br /> ezempt 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 ir.►provements made b��the buyer aiter the closing date of the saie are e!igible for Lhe
<br /> e�emption.
<br /> If the property loses its homestead status the eszmotion expires as of the nest assessment date.
<br /> If the name of one of the owners of the property is removed from the titIe to the property as a result or a separacien or
<br /> divorce, or if a name is added to the tit;e of the property as a result of a mamage, the improvements continue to qualifi�
<br /> for the e�emgtion.
<br /> If you transfer the title to the property to someone else, but retain a tife estate in and continue to receive the hom�stead
<br /> classification on the property,the improvemenu continue to qualifi•for the e�emption. If you transfer title to a related
<br /> person or persons as a aift or inheritance,the eaempcion espires as of the next assessment date.
<br /> In aeneral,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�ti�nership interest or control of the propem�,:he improvements continue to qualify for the
<br /> esemption. �
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<br /> If vou live in a cirv or to�cm that requires buiIdin¢vermits, you must obtain a buildin� permit for construction of tt:e
<br /> improvement before the��ork commences. In addition vou must complete a separate application for value exemption before
<br /> the ne.ct�ssessment date. If you do not obtain a building permit before construction begins,the improvements are not
<br /> eligible for exempuon.
<br /> If vou live in a cirv or town that does not reauire buildin�oermits,vou must maI:e application for esemption before t�:e
<br /> improvement is begun.
<br /> The exemption may be appiied to no more than three separate improvements made to the house and garage. All
<br /> improvements listed on a single building permit or an application for the e�empaon constitute a single improvement.
<br /> In either case, if more than thr�separate improvements are plaruied you must choose�r•hich improvements you want to
<br /> qualify for the e�cemption.
<br /> Once an improvement has been desi�nnated for e�emption, it cannot be zepealed or replace3 b� a later improvement.
<br /> If you need additional information, please contact your assessor's office.
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