Eligible properties are single-family homes, duplexes, and apartment buildings located within designated Urban Revitalization Areas. A building containing office or retail space may be eligible if the primary building use is 75% residential.
Increase in Value
To qualify, improvements must increase the assessed value of the building by at least 10% for single-family and 15% for multi-family properties and applies to those neighborhoods which have been designated as Urban Revitalization Areas by the City Council.
In the Washington Neighborhood Urban Revitalization Area, additional restrictions apply and commercial property is eligible for a three-year exemption for improvements that increase the assessed value by 15%.
Types of Improvements
For purposes of property tax assessment, the City Assessor makes a distinction between improvements related to home maintenance and improvements, which add to home value.
For example, the replacement of wiring or plumbing, roof repair, repair of stairs or porches, and exterior tuck-pointing and painting would be considered home maintenance and are normally not subject to assessment.
Tax assessable improvements would include building additions, a new room, patio, porch, or deck. The addition of plumbing fixtures, installation of heat and electricity to unfinished rooms, and the installation of central air conditioning or a fireplace would be subject to property valuation. More information regarding taxable improvements is available from the City Assessor’s office.