New Construction

The construction of new buildings, additions to existing buildings, or alterations which convert the propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. to another use or extends the economic lifeThe period over which a property will yield a return on the investment, over and above the economic of the improvementAnything done to a house that increases its value, such as adding a sun porch or modernizing the kitchen., is reassessed, establishing a new base year valueThe terms "full value", "full cash value", "cash value", "actual value" and "fair market value" mean for only that portion of the property.