Building permits are issued by the building departments and copies are sent to the Assessor’s office. The Assessor determines if a reassessment is required. If it is, an appraisal is made to determine the full cash value of the new construction as of the date of completion. As a general rule, assessable new construction occurs when all or part of a structure is made the substantially equivalent of new. The entire original property is not reassessed; only the portion that is newly constructed is assessed at its full cash value and added to the existing assessment. Some new construction, such as, replacing a roof or replacing a water heater, is considered to be normal, routine repair/replacement and is not assessable.
No comments:
Post a Comment