What is the Minor Construction Threshold in terms of RMV?

The Minor Construction Threshold is set at over $10,000 in any one assessment year. This threshold is significant because it defines the limit above which additions or improvements to a property are considered for reassessment of value. If property improvements fall below this threshold, they typically do not trigger a reassessment of the property's value for tax purposes, allowing property owners to make smaller improvements without worrying about an increase in property taxes.

Understanding this threshold helps appraisers and property owners alike navigate the complexities of property valuation and taxation. It is vital for appraisers to accurately assess whether proposed improvements may affect the assessed value of a property and to inform property owners of potential tax implications when planning renovations.