Installing a roof system on new construction.
The construction of new buildings, additions to existing buildings, or alterations which convert the property to another use or extends the economic life of the improvement, is reassessed, establishing a new base year value for only that portion of the property.
Includes completed speculative and build-to-suit construction. New construction quoted on a net basis after any demolitions or conversions.
Buildings for which the “start of construction” commenced on or after the effective date of an initial FIRM or after December 31, 1974, whichever is later, including any subsequent improvements.
Also called nail-on frames, this type of frame installation is used for new construction where the window frame is nailed to the studs.
Any addition to real property, whether land or improvements (including fixtures) since the last lien date. In addition, any alteration of land or improvements (including fixtures) since the last lien date which constitutes a major rehabilitation or converts the property to a different use. R&T Code Section 70 & 73.
New Construction Problems
New Construction is a term referring to the addition of any land or improvements (new buildings, structures, etc.) or alteration of land or improvements that would constitute a major rehabilitation made to a property since the last lien date. Proposition 13 requires that New Construction, when partially complete on the lien date or at the time of completion, be assessed and that a new base year value be placed on the local assessment roll. See page 15.
The creation of a new facility or the addition, expansion, or extension of an existing facility that adds to the building’s overall external dimensions.
New construction office rental rates are for the initial tenant in a newly built AAA facility.
