The supplemental assessment represents a pro rata portion of the value being added for the remaining days of the current tax billing year, or the portion of the year that the formerly exempt property has been taxable.
A supplemental assessment notice will inform the property owners of the additional amount being added to the improvement value since the current assessment valuation for January 1. Property owners may appeal a supplemental assessment within 30 days of receiving their supplemental assessment notice.
Example of Partial & Supplemental Assessments for New Construction
This example illustrates the assessment of a $200,000 building being constructed over a two-year period on a $50,000 lot.
1/1/2015 FY 2015
7/1/2015 FY 2016
1/1/2016 FY 2016
In this example the house was 75% complete on July 1, 2015, so the partial assessment was $150,000. The house was completed in January 2016, which would create a supplemental assessment for the remaining days of the current fiscal year.
The added value for the completed building was $50,000. The added value is divided by 365 (366 for a leap year) to get the additional value of the completed house.