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<br /> E�. TF�E;�ROFER; 4 .�x;.,,:
<br /> :�lthou��.'ri th�cost of imQrove:neats mav ba substancial,thc actual vatue added_can be si "•�•F=�•••�
<br /> ...
<br /> . �uncantly tess. 'Ihis an ba Farge(�-
<br /> . attriouted to thre-faccars: -`� - •
<br /> • Often times, unprovemeats made to a house,particularly aa oider house,constitute,routine maintenane,-.aad da nct
<br /> cause the�a.Iuadon to increasa. ReshingIing a roof,painting the house, reoairing a foundatioq repIaciag a plumo�,�
<br /> fixnere aze�1I examples of improvements th�s«oul�i not ocdinariIy result in a vaIue inc�e3se. � - �
<br /> • Improvemeats made to an individual's home ofcen times reflect thatpazricular individual�s persoaal lc�ces or iateresu a,nd
<br /> � mos vma the ccs cannot be.rs:.ovtrd whea a property is sold �,dding a sauna,a gr�:uicuse or aa iadoor:s�vimniag � �
<br /> : pooI ps-euld atI be examoIes of irnpre�tmenu t�t t;picaIiv add less value than their cost. . � �. . . _ ; . �
<br /> • Imgroveinents made to di�'erent aras of a house typicaIly result in greater or l�sser returas. It is a v�et�tstabiishd
<br /> appra.isal principal that re:nodeling or imoroving a hause's servica aceas (kice�acn, Iaundry arid bzthroom)w1I geaer�II� _
<br /> �ieid the greatesc re:urn co the o«ner. E�cpenditura such as finis'aing b�se:nenu or attics�vill gea�nIly produca�ti�
<br /> smalIesc recura. . � . .
<br /> �,lthough these consid�:ations may vary from house to house and markec to marl:et, in almost�o uu�:nc:is it posr'ble to
<br /> :e,:eive a dollar for dollar retum benceen cost:nd value added to the house. �
<br /> ... � . � . �'�„.. O:»�..�:..... :.,....5»r,�Ciil.µQ. '..'��.'.�.�................a.9�r.O .r�:O.' »«s:.�x.� -...ym .
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<br /> Liader the la�v, a property owner must disclose to prospective buyers whether any improvements made to a home are
<br /> eztmpt from the property tax. AdditionaIIy,sell�rs are aIso required to notify buyers that the cacemption�wiIl
<br /> terniinate when the property is sold. : - ' "
<br /> If you seIl your prop�rty, only improvements made b�i the bu�er afcer the closing dace of the szte ar�eIigible for the
<br /> ex�mpdon. � . ,
<br /> If the property loses its hom�stead status the ex�:nQtion.t�pires as of the ncxt sssessment date. - � -
<br /> If the name of one of the owners of the propem is removed from the title to the property as a result of a seD�2tiOn or .�
<br /> divorc�� or if a name is added to the titte of the property as a resnit of a marrisge,the iraprovcmencs conunu�to nuatifi�
<br /> for the e.umption. - . . -
<br /> If you transfer the tide to the property to somtone else,.but reiain a Iife estate in and continue to rccaive the homestead
<br /> clzssificatioa on the propercy,the improvements conanue to qualif�for the e�emption. If you transfer dtle to a related
<br /> person or persons as a gift or inheritance, the txemption expires as ofthe n�xt assessment date. . .
<br /> In generai, as Iong as you,th�owner of the homeste�d,made the improvemeats to the house,maincain the properev as your
<br /> principaI resideace and retain an o«�ership inter�t or control of the propem,the improvements confuiue to quatify for th�
<br /> esempuon. . . ., .
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<br /> � � .�:..°...�.....r���,�T C�: . •
<br /> If vou live in a citv or to�rn that reuuir�s buildin�pecmits you must obtain a bw'ldina permit for construcdon of t�:e
<br /> improvemeat before the«•ork.commenc�s. In addition}�ou must complete a separate application for vatcce ex�ption before
<br /> th�ae.ct assessment date.�If vou do not obtzin a bui�ding pennit before cons*.rucdon beguu,the improvements are not �
<br /> eli�ble for esemption. � � � - _ � . � � . . : . � . - .
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<br /> If vau live in a citv or to�cn that does not reouire buitdinst oernii�s.you must mal;�application for G�e:npdoa before the'
<br /> unprov�nent is begun. • -
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<br /> ?he ezemption may b�applied to no more than three separat�improvements tnade to:the house and gara�e. AII `.
<br /> improvemeats listed oa a single building pennit or an application for the GKernption coastituta a single improvemenc
<br /> In either czst.if more than thr�separate improvem�nts are planned�rou must chaose�r•iuch impmvemen[s you aannt to . �
<br /> qualify for the esempdon. _ - ... -
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<br /> Once aa improvement has b�n d-,sigaated for e.cempdoiz, it cannot be repeaIed or raplac�by a�Iater improvemea� �
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<br /> If you need additional information,please;contact your assessor.'s office. - _ _
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