• Home
  • my Blog
  • for Buyers
    • Buying on Bainbridge
    • Home Buyer Relocation Packet
  • for Sellers
  • the Community
    • the Community
    • Schools
    • Neighborhoods
    • Winslow
    • Bainbridge Island Ferry Commute
    • Recreation
    • Stay & Eat
    • Bainbridge Island Resources
  • about Me
  • just Sold
  • email Me

You May Qualify for a Hefty Property Tax Break

  • Home
  • my Blog
  • Real Estate Business
  • You May Qualify for a Hefty Property Tax Break
Lytle Beach on Bainbridge Island Jen Pells Agent
Summer Just Won’t Quit
September 9, 2008
coastal living
Coastal Living Loves Bainbridge Island
October 4, 2008
Show all
September 9, 2008
Categories
  • Real Estate Business
Tags
  • Kisap county assessor
  • property taxes
Kitsap Logo

Residential Improvement Exemption

According to the Kitsap County Assessor’s Website, if you are considering a major remodel, you could be eligible for a hefty property tax break.

Washington State law provides that the Assessor may grant an improvement exemption up to 30% of the current assessed value of your home. The exemption would be in affect for three years.

The process requires that you submit an application, which is available on the website, provide a description of the improvement, a construction project timeline, information on the contractor, and building permit information.

If approved, for three years, the taxable value of your home will not reflect the new construction value.

At the end of the three year period, the value of your new construction will be added to the value of your home and the exemption will end.

Keep in mind that the exemption applies only to the new construction. The assessed value of your home may fluctuate, just as other parcels in the county do during that three year period.

As a example, if your current home, before improvement assesses at $500K, but your addition of a master suite will increase the value of your home $150K—you will not have to pay taxes on the addition for that three year period.

For more information and to get started on the application, visit the Kitsap County Assessor’s website.

Related posts

11711 Two Creeks Road Sold by Jen Pells Windermere Bainbridge
January 27, 2022

My Top 10 Homes on Bainbridge Island | 2021


Read more
The 2021 Bainbridge Island Real Estate market - How is it for Buyers
February 8, 2021

Buying on Bainbridge & Multiple Offers


Read more
2021 Bainbridge Island Real Estate Market Predictions by Jen Pells Windermere Agent
January 11, 2021

Bainbridge Island 2021 Real Estate Market Predictions


Read more

Search

Subscribe to my blog by email

Latest from my Blog

  • My Top 10 Homes on Bainbridge Island | 2021
  • Bainbridge Island 2022 Real Estate Market Predictions
  • Jen’s 2021 Sales Portfolio
  • New Listing | 8762 NE Winslow Grove Ct.
  • Buying on Bainbridge & Multiple Offers

Tags

Active Listings Bainbridge Island Bainbridge agent Bainbridge Buyer's Agent Bainbridge homes bainbridge housing market 2009 bainbridge island Bainbridge Island Agent Bainbridge Island Buyer's agent Bainbridge Island Farmer's Market bainbridge island homes Bainbridge Island Housing Market Bainbridge Island Little League Bainbridge Island Neighborhoods Bainbridge Island public school Bainbridge Island Real Estate Bainbridge Island Real Estate Market Bainbridge Island Realtor Bainbridge Island Relocation Bainbridge Island Relocation Expert Bainbridge Island Top Buyers Agent Best Bainbridge Agent Best Bainbridge Broker Best Bainbridge Buyer's Agent Best bainbridge island agent Best Bainbridge Island buyer's agent Buying a home on Bainbridge Life on Bainbridge Island Living on Bainbridge Island Moving to Bainbridge Moving to Bainbridge Island Neighborhoods on Bainbridge Island New Listing on Bainbridge Island new listings on bainbridge island New to Bainbridge Island Parks on Bainbridge Island Real estate on Bainbridge Island Recent sales on Bainbridge Island Relocating to Bainbridge Island Things to do on Bainbridge Things to do on Bainbridge Island Things to do with kids on Bainbridge Island Top bainbridge agent Top Bainbridge island Agent Top Bainbridge Island Buyers Agent winslow way

Categories

  • Activities
  • Beyond Bainbridge
  • Coffee
  • Community
  • Events
  • Happy hour
  • Home Tours
  • Homes
  • Listing
  • Market Trends on Bainbridge Island
  • Miscellaneous blog post
  • Moving
  • Neighborhoods
  • Open Houses
  • Parks
  • Personal
  • Photos
  • Real Estate Business
  • Restaurant
  • Schools
  • Shopping
  • Top 10 Homes
  • Top 5
  • Uncategorized
Jen Pells Logo

206.718.4337
jennifer@jenniferpells.com

249 Winslow Way, East
Ste. #400
Bainbridge Island, WA 98110

Windermere Logo

Windermere Real Estate / BI, Inc.

© 2022 Jen Pells. All Rights Reserved.