What is an Added Assessment?

ADDED ASSESSMENTS

New construction, structural additions and improvements completed after October 1 are valued and taxed under the Added Assessment Law. This way property which becomes assessable after October 1 does not avoid its fair share of the tax burden for the rest of the year. A new structure, or an addition to or alteration of an old structure, completed after January 1 and before October 1, is valued as of the first day of the month following completion. If the value when completed is greater than the assessed value placed on the structure on October 1 of the pretax year (partial assessment based on the value present at that time), an added assessment based on the difference must be made. The added assessment is prorated on the number of full months remaining in the tax year. Tax exempt properties which lose their exempt status are also subject to the Added Assessment Law. Added Assessments are payable on November 1 and become delinquent if not timely paid.