What is a substantial improvement?
A A substantial improvement is defined as any improvements or alterations of a structure where the total value of all work exceeds 50% of the market value of the structure alone (land value is not included) in any one year period. Undertaking substantial improvement requires that you must make the structure fully compliant with the Floodplain Management Ordinance. The value of the structure alone can be obtained from the Assessors Office field card for the property, an appraisal you may have had done for the property or by engaging a real estate agent or appraiser for an opinion of the structures market value.
