BETTERMENT
Betterments are different from normal repairs and maintenance because they add something new to a property that materially increases its value .
For example, adding a third bedroom to a home that previously had only two is considered a betterment, while refinishing floors or fixing a plumbing problem is not .
Public betterments are infrastructure projects undertaken by a city or state government that increase the quality of life in the area for all property owners in the area, not just one . Examples of public betterments include building a new park or installing street lights where there were none before .
Betterments can have a significant impact on the value of a property. For instance, adding an in-law suite to a home to care for aging parents can increase the home’s taxable value .
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