Property taxes and home improvements (Park Ridge: homes, transfer, exemption)

[mantoine]

We found a fixer in a great location in Park Ridge that we're considering, but the property taxes in that area are very high. On this particular property they start out at about $10k, which is something we can handle, but what I'm worried about is being reassesed once we make improvements. Do they bump up taxes every time they issue a building permit? Do they wait for a transfer of ownership? The whole cost equation could be thrown off if the $10k changes to $18k once we're done. Long term, we'd want to expand the second story (but wouldn't expand the footprint of the house, if that matters.)

[sgresident]

you should check with the local township assessor. they would be able to give you the details. If you can't get the township assessor, try the dept of assessments at the county.

[mantoine]

Thanks. I think I found my answer on the Maine Township assesor's site. There is a homestead improvement exemption where the first $75,000 of improvements are disregarded in your assesment for four years. So, long-term the extra value would make its way into our tax bill.