Tax increase on finished basement

Hi all!! So, our house that we’ve been in contract on has been delayed with closing because the town found out about the finished basement so now the sellers are obligated to install Egress windows and obtain a CO on it. The basement has absolutely no plumbing, it’s just walls and flooring. My question is, how much can I expect the taxes to go up now? I’ve called the town but they can’t give me any info. I’d like to have an idea before we move forward now. I don’t want to be blindsided by a 2 grand increase on our taxes. I’ve heard that if there is no plumbing the increase shouldn’t be that much. I’d just like to hear some feedback from experienced people. Thank you!

Message edited 10/19/2018 5:32:17 AM.

Re: Tax increase on finished basement

If the sq footage of your basement wasn't already calculated in your taxes (you can look it up online), then it will go up based on the sq footage added. Otherwise, you won't see much of an increase unless they re-assess your house and find that it added value. No way you can know now.

That being said, if you're already in contract, you can't easily walk away from the sale. At the least, you'd lose your downpayment plus anything you have paid your lawyer, bank, etc. Plus, the sellers broker could sue you for his/her fees, and you would have to make the sellers whole (reimburse whatever they've paid so far).

Re: Tax increase on finished basement

How do I look that up online?

Re: Tax increase on finished basement

If you're in Nassau, you can look it up on MyNassauProperty

Re: Tax increase on finished basement

I’m in Suffolk