Property taxes when building a house
Posted 01-05-2015 at 11:48 AM by Colombian_parce
Quote:
Originally Posted by BugManTPC
Your taxes will be be based on comparable values, location and amenities. If your lot is on the water, a pool, lot size, fence, or any other upgrades.
Your keywords, "luxury home", SW Cape ( affluent area of the Cape), "top finishes".
These are all factors that will affect your taxable value.
For a 2500 sq foot, SW Cape home, non waterfront, approx. values are between 190,000 up to $340,000. Conversely taxes would be between 1400 a year up to 4200 a year..
What you want to do is the right thing regarding putting your own sweat equity toward building your luxury dream home.
To build right now would cost between $85 a sq. ft up to $175 a sq. ft based on amenities and your luxury upgrades. If you are able to do most of that yourself, you could manage your building cost and save a ton in the build process, which will keep your mortgage low. The long term savings from that would pay many dividends forward when you sell the home.
You will not beat the tax man, try not to think about it that way. If you have a house worth 400k that cost you 225k to build, the $5,000 a year you pay in taxes is well worth the eventual profit you will gain.
Also, if it's your primary home, when you homestead you will cap your taxes somewhat. This will help accomplish your long term goal.
I hope that makes sense.
Your keywords, "luxury home", SW Cape ( affluent area of the Cape), "top finishes".
These are all factors that will affect your taxable value.
For a 2500 sq foot, SW Cape home, non waterfront, approx. values are between 190,000 up to $340,000. Conversely taxes would be between 1400 a year up to 4200 a year..
What you want to do is the right thing regarding putting your own sweat equity toward building your luxury dream home.
To build right now would cost between $85 a sq. ft up to $175 a sq. ft based on amenities and your luxury upgrades. If you are able to do most of that yourself, you could manage your building cost and save a ton in the build process, which will keep your mortgage low. The long term savings from that would pay many dividends forward when you sell the home.
You will not beat the tax man, try not to think about it that way. If you have a house worth 400k that cost you 225k to build, the $5,000 a year you pay in taxes is well worth the eventual profit you will gain.
Also, if it's your primary home, when you homestead you will cap your taxes somewhat. This will help accomplish your long term goal.
I hope that makes sense.
Total Comments 0
