Do you have to get you taxes readjusted after a home improvement?
Sunday, May 9th, 2010 at
11:58 am
Lets ѕау уου fіחіѕһ уουr basement οr add a bathroom, tһіѕ adds value tο уουr house. Taxes аrе partially based οח tһе value οf уουr home rіɡһt? Hοw ԁοеѕ tһіѕ work? I live іח NY іf tһаt helps bυt іח general wһаt happens?
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It’s unlikely that a "DIY" improvement inside a home would be discovered by the Tax Assessor.
If a Permit is pulled by a contractor, the Tax Assessor will become aware of it, which may increase the valuation and increase tax.
If an addition to a home increases the square footage, changing the configuration of the home, and a permit pulled, the same holds.
However, outside a city, if a person increases the square footage, changing the configuration,
"DIY", and a permit is not necessary, it will still be discovered at some point.
Aerial photos are regularly taken by counties and a home that has changed "configuration", made larger, will be compared to previous Aerial photos. A physical inspection will be performed, resulting in an evaluation for tax purposes.