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Displaying (3) Comments | Comment on this piece | Report objectionable art
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By: | Oct 11, 2015 | Report Comment
By :I have a question: I'm buiyng a house that has a 1500 square foot basement that's listed as unfinished space although it will only take $10k or $20k to complete. So, it's MLS-listed at 1800 square feet, but when I finish the basement, it will be 3300 (with two extra bedrooms and an extra bath). I was wondering what doing this work will do to the assessed value of the home (and therefore, how much I will pay in property taxes), and if there's anything I can do (or avoid doing) that won't unnecessarily raise my tax bill.A related question: the last assessed value on the property is currently 30% over what we will be paying for it when we close (and the bank has put a lot of money into it since it was last assessed). Is there any way I can go about arguing down the assessed value on the property? (Again, for tax reasons)1. You're going to be doing renovations that don't necessarily require a building permit, so the county assessor's office may not find out that you've added value and usable space. The assessor doesn't go inside the house. Is there anything you can do to avoid a higher tax bill? Not much. The assessed value is determined by comparable sales of similar nearby properties, so while your house is currently assessed higher than what you paid, if nearby similar homes have sold for lower amounts, it should result in a lower assessed amount for your house in a year or two. But not necessarily a lower tax bill. They can change the rateable to raise the revenue they say they need. For example, let's say they currently tax you twelve dollars per thousand dollars of assessed value. If the value of properties countywide drop 20%, they're not going to cut county services 20%. They'll find a way to make it fourteen dollars per thousand of assessed value. Which is not to say that property taxes can't or won't go down. Mine have gone down about 7% from the 2007 price peak. If the assessed value doesn't go down in the next couple of years, you can appeal, and some people win, if they can provide compelling evidence to do so.Also, part of how they assess is based on how the exterior of the property looks. So be sure to leave peeling paint. Park the cars on the lawn .And use old toilets as planters. Rate this comment: 0 0
By: | Aug 05, 2012 | Report Comment
Aw, this was a really qutliay post. In theory I'd like to write like this too taking time and real effort to make a good article but what can I say I procrastinate alot and never seem to get something done.
By: | May 25, 2012 | Report Comment
A3
mzabor
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