Use this procedure to apply improvement records to a property so that the value of the improved property can be determined.
The user right Edit Real Property Improvements has been assigned to your ID.
- In PACS Appraisal, open the property record to which you need to add the improvement. Then select the Improvements tab and click New.
The Improvement dialog box is displayed.
- Complete the following fields:
- Type - The type of improvement, such as a pool or detached garage.
- State Code - The state code that categorizes the improvement, such as
A1 for a single family residence.
- Homesite - When selected, it indicates that the improvement could be lived in as a residential or mobile home, and that the homestead exemption is in effect.
- To assign percentages for entities, click Entities.
- For improvements on a property with shared ownership, click Owners to review the percentages that indicate how ownership is divided.
- To add new value to the property, do the following:
- Select the following option:
- New Value - When selected, indicates that new value is being added to the property, which is usually the case when a new improvement is being added.
- Complete one of the following options:
- Improv - Indicates that the new value is for the whole improvement.
- Improv Detail - Indicates that the new value is for an improvement detail.
- Override - Enables you to enter a specific amount to the improvement value.
Note When a property is supplemented, you can designate an Improvement as omitted (an Omitted Improv option displays in this section) and enter the omitted value. Note that the value associated with omitted improvements is not automatically included as New Value for the purpose of calculating the HS cap. You must indicate new value on the improvement with the New Value checkbox. The default value displayed in the Omitted Improv field is the same as the value stored and displayed in the Improvement Value field regardless of the selected valuation method or source.
- Complete the following general characteristics as required:
- Effective Year Built - Represents the effective age of the property, a result of routine maintenance or lack thereof. You can enter the year that the site was most recently renovated. This entry is copied to improvement details unless it is overridden on the detail record.
- # of Units - Number of units for the improvement. This number affects value only when it is on the detail level.
- # of Stories
- Complete the following options as required:
- Description - A description of the improvement, which is printed on the field appraisal cards.
- Comment - Internal comments about the improvement, which are not printed on field appraisal cards.
- Click Apply or OK.
If required for your improvement data, you can: