New Construction

New Construction is any new improvement that is added to land.

The Process of New Construction in LandMark

• Adding the Improvement(s)
• New Construction shows on Base Values Tab
• Rolling Values from Appraisal File to Assessment File and the effects on Caps and Freezes
• Process Pending’s Effects on New Construction
  

Adding the Improvement

CLICK on the following for further instruction on adding improvement type:
Sketching a Home
Adding Residential Data Information
Adding Site Improvements to Site Plan

Example of new construction, home.

After adding/saving the new construction, a box will pop up showing the New Construction Year and Improvement New Construction amount(s). SAVE

These amounts will automatically generate in the Base Value Tab (see more below)—if set up in the County Information Table—Assessors Setup Tab.

New Construction shows on Base Values Tab

Rolling Values from Appraisal File to Assessment File and the Effects on Caps and Freezes

New Construction Year MUST EQUAL Current Assessment Year when rolling New Construction Value from Appraisal side to the Assessment side. If it is a future year, the current value less the new construction amount will roll to the assessment module.

Example: If the appraisal file has a calculated improvement value of 120,000 and the new construction amount is 100,000 but the new construction year is for 2024 and the assessment year is 2023, only 20,000 of improvement value and 0 new construction will roll forward. In 2024 the full improved value and the new construction will be used. If the new construction year is a previous year the amounts will be ignored.

Process Pending Accounts, an end of the year procedure, will AUTOMATICALLY clear any new construction and adds the calculated cap value to New Construction (up to, but not exceeding MARKET VALUE) to close out current tax year.