What it is:
A four-year exemption on assessment increases that are due to new construction to your home, up to the statutory maximum of $25,000 in assessed value.
For example:
If you add a deck to your home that increases your assessment by $2,000, you will fall well under the $25,000 maximum; no portion of the $2,000 assessment increase will be taxable for four years.
However, if you add an addition that increases your assessment by $30,000, then you will exceed the $25,000 maximum; in this case, the first $25,000 of your $30,000 assessment increase will not be taxable for four years, but the remaining $5,000 will show up on your tax bill immediately.
Who qualifies:
Homeowners who own and occupy their home as their principal residence and have made an improvement to their home that increases its market value (thus triggering a corresponding increase in assessment).
How to apply:
You automatically receive your Home Improvement
Exemption if you meet the above qualifications; no application is necessary.
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