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"Contribution value" refers to how much a specific item or improvement adds to the overall value of a property. For example, if you add a swimming pool to your backyard, that would increase the contribution value of your property because it adds value to the overall property.
Let's say you have a house that is worth $300,000. You decide to renovate the kitchen and spend $20,000 to do so. After the renovation, your home is now worth $325,000. The contribution value of your kitchen renovation is $25,000, which is the amount that it increased the value of your home.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
Contribution value is a number you see,
It tells you how much something adds to a property.
If you add a pool or a new kitchen so grand,
Your home's value goes up, that's what's so grand!
It helps you understand how much things are worth,
So when you sell, you'll get the price you deserve!