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Taxes from addition to home?
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trainer33
LIF Zygote
Member since 8/10 2 total posts
Name:
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Taxes from addition to home?
I have been told so many different answers to this question, even from the town! I live in the Town of Oyster Bay and if you have firsthand knowledge or just heard through another person, any advice would be greatly appreciated. Is there a difference in taxes when building on more property vs. going up such as adding another floor? Town told me that property taxes are a fixed percentage of the assessed value of your house. For example, if you pay x amount of taxes when your house is assessed at 500,000, then you complete your work and 6 months later it is re-assessed at 600,000, your taxes will go up because the value has changed multiplied by that same percentage. Others have told me to build on property your taxes go up more than if you went up, even if you add the same amount of sq footage. As the taxes I pay are already too high, any advice will be greatly appreciated.
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Posted 8/13/10 9:04 PM  |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: Taxes from addition to home?
There is no difference in additional taxes if you go up or out when doing work to your home.
Taxes are based on your assessed value. An assessed value is a percentage of market value. Currently in Nassau County a home is valued at .25%. So if your home is worth say $350,000, your assessment should be $875. The tax rate is then multiplied by the assessment and that's how you get your taxes. Tax rates differ from town to town, school district to school district and property type to property type (commercial, residential, etc.)
Depending on the type of addition you are planning, you may qualify for an "improvement" exemption. This will phase in the increase in assessment due to the new construction over an 8-year period.
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| Posted 8/13/10 9:40 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Taxes from addition to home?
The two biggest factors used in determining your property taxes is your liveable square footage, and your lot size.
The difference in building out (extending) insteading of building up (dormer) is negigable based on houses I have seen compared to mine. Once you start adding square feet, your taxes go up.
There are other factors that increase your taxes like the number of bathrooms you have, whether you have CAC, if you have any porches, decks, pavers, concrete, pool, deck, etc.
But the two biggies are sqft and lot size.
I'm also talking apples to apples too (houses within the same town and SD).
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| Posted 8/13/10 11:13 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Taxes from addition to home?
Posted by ave1024
The two biggest factors used in determining your property taxes is your liveable square footage, and your lot size.
The difference in building out (extending) insteading of building up (dormer) is negigable based on houses I have seen compared to mine. Once you start adding square feet, your taxes go up.
There are other factors that increase your taxes like the number of bathrooms you have, whether you have CAC, if you have any porches, decks, pavers, concrete, pool, deck, etc.
But the two biggies are sqft and lot size.
I'm also talking apples to apples too (houses within the same town and SD).
I thought that pavers and concrete don't make it go up, just if you had a deck. ..
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| Posted 8/13/10 11:51 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Taxes from addition to home?
Posted by staceyums81
Posted by ave1024
The two biggest factors used in determining your property taxes is your liveable square footage, and your lot size.
The difference in building out (extending) insteading of building up (dormer) is negigable based on houses I have seen compared to mine. Once you start adding square feet, your taxes go up.
There are other factors that increase your taxes like the number of bathrooms you have, whether you have CAC, if you have any porches, decks, pavers, concrete, pool, deck, etc.
But the two biggies are sqft and lot size.
I'm also talking apples to apples too (houses within the same town and SD).
I thought that pavers and concrete don't make it go up, just if you had a deck. ..
In Nassau County, I have seen concrete listed on the property sketches.
If its listed, you are likely taxed on it. I am not sure about pavers, but if the town can tax you for it... it's likely they will.
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| Posted 8/14/10 1:53 AM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: Taxes from addition to home?
Posted by ave1024
Posted by staceyums81
Posted by ave1024
The two biggest factors used in determining your property taxes is your liveable square footage, and your lot size.
The difference in building out (extending) insteading of building up (dormer) is negigable based on houses I have seen compared to mine. Once you start adding square feet, your taxes go up.
There are other factors that increase your taxes like the number of bathrooms you have, whether you have CAC, if you have any porches, decks, pavers, concrete, pool, deck, etc.
But the two biggies are sqft and lot size.
I'm also talking apples to apples too (houses within the same town and SD).
I thought that pavers and concrete don't make it go up, just if you had a deck. ..
In Nassau County, I have seen concrete listed on the property sketches.
If its listed, you are likely taxed on it. I am not sure about pavers, but if the town can tax you for it... it's likely they will.
Just because something is listed on the property card does not mean it's taxed. As far as concrete and pavers increasing your taxes, it all depends on what those concrete and pavers are. A paver or concrete driveway is not taxable. However, a paver or concrete patio is.
There are way too many factors at play to determine exactly what is assessable and what isn't.
If you call the Town Assessor and tell them what you'd like to do, they can give you an estimate of what it will do to your taxes. Remember, this is just an estimate. Unfortunately, assessing a property is like appraising jewelry - it is not an exact science and is definitely subjective.
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| Posted 8/14/10 9:23 AM |
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