taxes reassessed based on improvements?
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jmp1105
LIF Adolescent
Member since 12/11 553 total posts
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taxes reassessed based on improvements?
If a house was completely gutted and redone, all interior work, no extensions or added bathrooms or bedrooms, will the taxes go up a lot?
my brother put an offer on a house that was completely redone in 2006. new roof, new cac, new windows, updated kichen and baths, basically everything new and updated but nothing added.
How do you think the taxes will be affected because they are currently low for the area and size of property.
thanks
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Posted 5/16/14 9:34 AM |
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Prudential Douglas Elliman Real Estate
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
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Re: taxes reassessed based on improvements?
Property taxes are based on the value of the home, and that is based on what it is assessed at. Value is estimated by comparing the house iwth other similar homes that have recently been sold. And since your BIL is purchasing the house, they will take the amount he's paying for it into consideration when assessing the house.
Regardless, you can basically always count on property taxes going up, no matter what.
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Posted 5/16/14 9:43 AM |
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jmp1105
LIF Adolescent
Member since 12/11 553 total posts
Name:
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Re: taxes reassessed based on improvements?
Thank you for your response. That is what they are worried about because this house was bought in the late 90s for about 500k less than what they are going to end up paying for it.
I did check for them and the taxes have gone up significantly since 1997, but gradually each year, so I'm hoping for their sake that the taxes won't all of a sudden shoot up.
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Posted 5/16/14 9:48 AM |
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JDubs
different, not less
Member since 7/09 13160 total posts
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Re: taxes reassessed based on improvements?
Posted by NYCGirl80 they will take the amount he's paying for it into consideration when assessing the house.
This
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Posted 5/16/14 10:07 AM |
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FTM427
LIF Adult
Member since 1/12 1261 total posts
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taxes reassessed based on improvements?
Is it Nassau? You can look on the county website and see what value they used to assess the taxes. And then see how what he is purchasing the home for compares to that figure.
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Posted 5/16/14 1:02 PM |
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