Target 8 - Home Repairs May Cost More
Contractors who make repairs must have a building permit, which can affect the value of a home. When the Boone County assessor sees a permit in a homeowner's file at the end of the year, it's a sign improvements could have been made.
"If you add square footage to your home, finish the living area in the basement, if you add a garage, that is significant," said Boone County Assessor Tom Schauwecker. "That building permit would trigger a revaluation."
That revaluation would increase your home's value and your taxes. But what about a building permit for a new roof and siding?
"You know, we may go take a look at it, but that unto itself, our experience has shown, does not significantly enhance the value of your home, it's more normal maintenance," explained Schauwecker.
A home's value isn't supposed to increase because of hail damage repairs. But, with a new roof and siding, some people are taking advantage of the improvements and selling their homes now.
"We feel like we might be able to get a few extra thousand dollars for the house because we have done a lot of repairs on the roof, and the siding, and the garage door and a bunch of other things too," said homeowner Chris Sonkson.
A few extra thousand dollars not factored in by the assessor.
"A roof, if you replace the roof for three thousand, that the market has shown, does not enhance the value of your property by $3,000," noted Schauwecker.
"The timing for us was real good because we were going to put the house on the market about two weeks after it happened anyway," added Sonkson. "So, for us, it worked out really well."
The value of Boone County property rose 10% last year, which is another reason why your taxes might have increased.
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