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soontobemommy
LIF Adolescent
Member since 1/07 540 total posts
Name:
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After Big Renovation, Having Taxes Go up Over Time....
Has anyone applied for this exemption to their taxes in Nassau County? I have the application but some of it is confusing me. Was wondering if anyone had any experience? TIA!
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Posted 7/10/13 12:32 PM  |
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Mill188
LIF Adult
Member since 3/09 3072 total posts
Name:
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Re: After Big Renovation, Having Taxes Go up Over Time....
What do you need to know?
A residential new construction or renovation exemption will phase in over the course of 8 years. So say the renovations increase your assessment by $80,000. The first year, you won't pay any increase. The second year your assessment will increase by $10,000 (12.5% pear year); the 3rd year it will be $20,000, etc.
Also: please note that this may apply to the County/Town portion of the tax bill only. School Districts are able to opt out of the program.
Message edited 7/10/2013 1:13:15 PM.
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| Posted 7/10/13 1:12 PM |
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soontobemommy
LIF Adolescent
Member since 1/07 540 total posts
Name:
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Re: After Big Renovation, Having Taxes Go up Over Time....
thanks for your reply. I was just looking for any insight into the process from BTDT. I have the application and was curious what type of documentation was used to show cost of renovation. Can I just give an invoice from our contractor with total amount? Does it have to be broken out by each item?
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| Posted 7/10/13 2:28 PM |
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snowprincess
My happy babies
Member since 3/06 3428 total posts
Name:
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After Big Renovation, Having Taxes Go up Over Time....
I opted not too and I fought the assessment and won instead.
if you added square footage or a bathroom then I would use the exemptions
if the changes were mostly cosmetic and/or hidden - update electrical, new windows, new siding, new hvac system, redone kitchen and/or bath
I managed with similar comps to have my taxes simply increase by $300 after a major gut of our house. But I compared to other comps. We did not add square footage to our house. The reason for the increase was added square footage. However it was not a valid reason but you can't fight an increase on the wrong reason for increase
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| Posted 7/10/13 2:29 PM |
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snowprincess
My happy babies
Member since 3/06 3428 total posts
Name:
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Re: After Big Renovation, Having Taxes Go up Over Time....
Posted by soontobemommy
thanks for your reply. I was just looking for any insight into the process from BTDT. I have the application and was curious what type of documentation was used to show cost of renovation. Can I just give an invoice from our contractor with total amount? Does it have to be broken out by each item?
I would be careful giving or showing invoices because I know when we went for plans and permits with the town the architect always used an estimate for work based more on material cost and doing it yourself
you don't want to let them increase you too much especially with home prices where they are at right now
if you have a friend who is real estate - ask them to pull comps similar to your house
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| Posted 7/10/13 2:32 PM |
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Mill188
LIF Adult
Member since 3/09 3072 total posts
Name:
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Re: After Big Renovation, Having Taxes Go up Over Time....
New siding, windows, etc. do NOT increase an assessment. Increasing your square footage does.
As far as what documentation you need, most municipalities require a DETAILED invoice from your contractor. While the initial application asks for very little information, the municipality will have most of the information from your permit application.
Oh and the exemption and protesting your assessment are not mutually exclusive. If you're unhappy with your new assessment (whether or not the increase is being phased in), you can still protest it.
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| Posted 7/10/13 2:52 PM |
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soontobemommy
LIF Adolescent
Member since 1/07 540 total posts
Name:
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Re: After Big Renovation, Having Taxes Go up Over Time....
thanks for the replies. we added square footage, including new roof, siding, windows etc. so I think the exemption is definitely the way to go for us. our home value definitely increased significantly so I know the taxes are going up. I just don't want them to skyrocket overnight.
Thanks again!
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| Posted 7/10/13 5:33 PM |
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