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Tax Credits -- Mathieu-Gast Act
The following is information about tax credits using the Mathieu-Gast Act.
How Does it Work?
The act provides that the assessor shall not consider any increase in true cash value resulting from normal repairs, replacement, and maintenance made or completed after December 30, 1976, when determining the true cash value of the whole property, i.e., its assessment. This increase is not included in the assessment until the property is sold.
Note that the value excluded from the assessment is not the cost of repairs or improvements, but the value which that repair or improvement adds to the sale value of the property which is often not the same.
The Mathieu-Gast Act is not a matter of choice for the assessor - it is a requirement of law.
|Using the Act|
Contact your local assessor's office (483-4020) to obtain a copy of form #4293.
In some municipalities, assessors routinely exclude painting and other routine repairs when determining the true cash value. They may also know about repair work automatically from building permits. If you want to be sure your improvements are excluded, however, you should apply.
If you do not file for non-consideration of the improvements, the assessor may have no grounds on which to exclude your improvements. Work that is done without a permit - where one is required - will not qualify for exclusion.
Each year's assessment may only be appealed in that year, so any benefits of Mathieu-Gast not received in the past years are lost to the taxpayer. However, any Mathieu-Gast improvements made after 1976 when the act took effect should be reported to the assessor. Increase in value resulting from all such improvements then be excluded from future assessments.
|The following are considered normal repairs and are eligible for exclusion from the True Cash Value if not part of new construction.|