Typically, new construction is any substantial addition to real property (e.g. adding a new room, pool, or garage) or any substantial alteration which restores a building, room, or other improvement to the equivalent of new (e.g. completely renovating an outdated kitchen). Most changes in ownership caused by the sale of property result in reassessment. However, interspousal transfers, the transfer, sale, or inheritance of property between parents and their children, and the addition of joint tenants do not result in the reappraisal of property values.
Furthermore, homeowners over the age of 55 years who sell their principal residence and purchase a replacement dwelling within two years that is of equal or lesser market value and is located in the same county are eligible to transfer the pre-sale assessed value of their original property to the replacement dwelling. For further information or claim forms, please contact the office of the Assessor at 530-538-7721.