Check your tax assessors website if you are building!

athensmomof3March 28, 2012

If you are building, take a few minutes to check your tax assessors website! Most property valuations are made by April 1, and when I logged on to check our property, they had combined the basement and top two floors square footage, didn't take out unfinished parts of the basement (they missed a mechanical room and an entire guest wing that we brought to sheetrock and then stopped finishing). Needless to say, main floors and upstairs are taxed more heavily than basements and over the garage playrooms (which they also had too big - we have an unfinished storage area that they didn't subtract up there).

I was able to reduce our total square footage by 1300 square feet, and was able to get 1930 of the remaining finished square footage area placed in the basement where it belongs ;)

This reduced our top two floor square footage by 3300 square feet or so, when you add all of it up. Needless to say, this will have a significant impact on my tax bill.

I was able to do this over the phone, with a conversation with the tax assessor and my plans in hand. He also wanted to know the appraised value from our loan, which I was happy to give him since we appraised so low and had to come up with cash to build . . .

Worth a few minutes of your time!

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topman

Great advices, thanks!

    Bookmark   March 28, 2012 at 11:13AM
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ILoveRed

Good point athensmom.

In our neck of the woods, finished basement space assesses no higher than unfinished space.

We have 3000 sq ft of finished space in our lower level and the tax man could care less. Strange but true. Real estate wise, I can only list my house as a 3 bedroom house since that is all that is above ground, even though I have 2 beautiful bedrooms in my lower level.

Around here--tax wise--you are better off building a ranch home and finishing the basement.

    Bookmark   March 29, 2012 at 4:13PM
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