Additional property tax on finished basement
cheerful1_gw
18 years ago
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Comments (8)
jasper_60103
18 years agodatadiva
18 years agoRelated Discussions
Finished Basements
Comments (9)we had 1 room in the basement finished up through drywall - our workout room with attached bathroom - as part of the build. the reason for finishing this space is we had an immediate need for it. we did not have the money to finish it all - but even if we had the cash, we probably would have done the same thing. other good reasons to wait are looking for and repairing leaks - which i have found 2. one is where there was a penetration through the foundation to run the well and phone line - so that will have to be plugged. I also have a lot of cabling still remaining (whole house audio, structured cable, additional security sensors) and want to do that before we finish the space. I ran conduit from the basement to all the rooms during the rough in - now i have to pull the cables. finally - i want more than just drywalled rooms which is what i did in our last house. it will be an upscale man cave - with a lot of stone and wood trims - and i need some time to plan it out and save up for the materials. i also plan on doing the entire thing myself so it will be a long project. after 2.5 years of living through the build process, we need a break....See Moreproperty tax assessment
Comments (12)In the county we live in, we were able to file a rebuttal on our assessment. We were then given an appointment to meet with the assessor downtown at the tax office & supply them with our reasons why the assessment was incorrect--photos/GIS map, location, appraisal from when we purchased the property (it was within 5 years from the date of the assessment), recent similar sales, access, busy road, large creek with flood plain that cut the entire property in half, etc. Approximately 6 weeks later, we received a letter from the assessor stating the new assessment at the amount we paid for the property (we bought it as a foreclosure so that was a sweet deal). Mom & Dad built their house 4 years ago. The tax assessor in their county started coming out to the building site every month or so about 3/4 of the way through the build to see what was going in. As Mom & Dad were acting as their own GC they were on site and told him he could stay outside but he had no business inside. Afterall, assessors don't go inside your house when they reassess every 10 years and take into account that you've upgraded your 30 year old house to granite & hardwoods from the original early 1980's linoleum & speckled formica. Too, with the current mortgage crisis and so many foreclosures and values falling, you may not want to let the assessor be privy to your costs & finishes upfront. You may want to wait and see what he values the house at first (without giving him a list of finishes / letting him inside the finished house if at all possible if you're going with some higher end finishes like hardwoods & granite). Then if he comes back with an unreasonable value, file a rebuttal. Just my 2 cents....See Moreproperty tax assessment
Comments (10)There is a fabulous nonprofit group here in Atlanta called the Fulton County Taxpayers Foundation. I found out about them by accident, and attended one of their classes last month. The class was taught by a former tax assessor, information they provided was very useful in regards to how taxes are formulated, how to appeal if you think your assessment is out of kilter, and how to gather your information for your appeal. Although their name is "Fulton County", the info they provided was valid statewide, and they welcomed anyone from any county in the state. It was well worth two hours of a Saturday morning to attend, and the class was free. See if you have a similar group nearby. BTW, they had no political orientation or agenda that I could determine. They presented purely property tax related information. Here is a link that might be useful: FCTF Fulton County Taxpayers Foundation...See MoreAdding 1 wall in basement makes it finished. What a joke
Comments (10)To play devil's advocate, once you've put in a bathroom and closed off the mechanicals, you've basically just left yourself (or a future owner) with non-permit needing work, or things that can easily done without raising awareness of authorities to finish it up. I've never really understood the concept of different tax rates for finished vs. unfinished basements, because what does it even mean to be finished? I feel it would be much easier overall to just tax basement sq footage at some lower rate - like 30% of above ground space, and call it a day....See Morelazypup
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