How will the homestead improvement exemption affect the amount of new property under the PTELL?
Answer #352 -- ( Published 10/12/2005 10:51 AM | Updated 07/12/2017 10:40 AM )
How will the homestead improvement exemption affect the amount of new property under the Property Tax Extension Limitation Law (PTELL)?
If there is a new improvement built on an owner-occupied residential parcel, or if an addition is built onto an owner-occupied residence, the owner may apply for an exemption on the increase in market value due solely to the improvement or addition. This exemption lasts four years. The amount exempted is not new property in any of the years the exemption is in effect. Instead, the value is added as new property in the year the exemption is taken off. However, any amount of increase due to new construction that is not covered by the exemption is new property in the year it is first assessed.
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