HAVE YOU HEARD?!
NOW, VENTNOR HOMES CAN BE RENOVATED EVERY YEAR!
GOODBYE, IMPROVEMENT LIMITATIONS
Until recently, there was a severe limit to the amount of improvement possible for homes situated below the required elevation. In the past, such homes could only be improved 40% of their market or assessed value every 10 years.
Here’s a hypothetical example:
Let’s say John Doe owns a home in Ventnor that does not meet the required elevation. He wants to renovate his kitchen and bathrooms. His home is assessed at $450,000.
In the past, Mr. Doe could spend no more than $180,000 (40% of his home’s value) on renovations every 10 years. This put our hypothetical homeowner in a pickle – if he renovated his kitchen, he would have to press pause on the bathroom project until 2027. If he wanted to tackle both projects in this decade, he would have to tear down his entire home and build a new construction.
HELLO, ORDINANCE AMENDMENT
Effective October of 2016, The Board of Commissioners AMENDED the previous ordinance. Now, Ventnor homes can be improved 50% of the market or assessed value EVERY YEAR!
Now, homeowners can take on major renovation projects without tearing down their residence.
Now, your Ventnor home is worth more!
And now, John Doe can renovate his kitchen AND his bathroom – no tear down necessary!
The Mark Arbeit And Co team thanks Mayor Holtzman, Commissioner Landgraf and Commissioner Kriebel for helping preserve our beautiful Ventnor homes!
To view the official amended ordinance, Click Here.
Want to find out what your home is worth? Call Mark Today!