property taxes after building an addition to an existing house

last year

I’ve not been able to find specifics to help me estimate our new property taxes if we build an addiction to our current house. We would need to buy the lot next to us and join it to our lot. Any information on how I can get a ballpark figure would be helpful. We live in the City of Miami, under Miami 21 zoning laws.

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decoenthusiaste

last year

last modified: last year

Often homestead exemptions apply after you've been in your home for a certain length of time. If you currently have an exemption, see if there is a way to extend it to the new property. I was allowed to exempt an adjoining half of a lot that I owned, even without a home on it, because my current home qualified and was adjoining. Small town though. Big city rules probable don't flex as much.

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Comments (11)

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Mark Bischak, Architect
last year
Have you asked your local tax assessor? No matter what anyone says here, the local tax assessor has the final say.
PRO
Flo Mangan
last year
In Texas, when you purchase the lot, before improvements, you would be assessed the going rate (numbers available on line) for the purchase price. When construction begins it he lot is considered for purchase value but full tax doesn’t hit until after occupancy permit is granted. So depends on when your property tax agency does their annual appraisals for values. But it will catch up once you occupy or “substantially” complete your construction. We have “homestead exemptions” here too. Not sure what is done in Miami or your area. But as Mark stated a trip to the county tax assessors office to get facts in your area would be best.
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ShadyWillowFarm
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I would increase the property tax the same % as the square footage % increase. Or look online for a house for sale in your area with similar square feet, BRs and BAs as your proposed finished project and see what those property taxes are. And your HO insurance will go up too. And flood insurance.
heatherabramski
last year
Keep in mind the increase in your property tax may or may not be all in the same year. It will depend on whether the completion of your addition is in the same year as the purchase of the additional lot. The 1st increase in your tax bill will be based off the putchase price of the lot. So whatever yourbtax rate is, multiply that by the purchase price of the lot. Your 2nd increase will be on your addition. In Palm Beach County it's based on the cost of the addition. So if it costs $100,000 for the addition, that amount is what my additional tax is based on. The best thing to do is call Dade County Property Appraiser and ask them if you are doing an addition on your home how do they access the property tax? Ask them if it is based off the amount it costs or the fvm of similar size houses. Since you know the tax rate, this will give you a general idea of how much increase to expect.
WestCoast Hopeful
last year
Property taxes are regional aren’t they? I’m so massively horrified at what ours are but alas it’s out of my control
ShadyWillowFarm
last year
I agree, WestCoast. The worst thing you can do with your money is to give it to the government to spend. We are looking for a second home in WV and property taxes are frequently in the mid three figures. Annually, not monthly!!!
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Patricia Colwell Consulting
last year
last modified: last year
IMO your taxes will double if you have a double lot with a building on it . I do not see the issue ask your town with enough info as to the size of the addition thye can give you a pretty good idea. I have a double lot my taxes are double what my neighbor pays with a single lot. I have never heard of homestead exemptions so have no idea about those .
Kate
last year
In CO taxes are higher on an empty lot to curb investors from buying up property and sitting on it.
Jennifer Hogan
last year
This question can only be answered by your tax authority. Too many variables - in PA the difference between living in one school district vs another makes a huge difference in your tax bill. Some districts are 3 times the rate of others.
Stax
last year
Wonder what happened during the eight months that have elapsed before you chimed in?

property taxes after building an addition to an existing house

decoenthusiaste

Comments (11)

Mark Bischak, Architect

Flo Mangan

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