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Say you added an extension or dormer to your home. At what point does the town start taxing you additionally for it? Is it simply the next year? Is it when you apply for the CO (after everything is complete)? Is it when you submit a new survey? What exactly triggers it?
If you filed permits and the county knows about it they will raise your taxes the next year. I think it depends on how fast your town/village notifies the county about the permit. Our county taxes went up the next year. Now we got the COs right before we moved 5 years later, I don't see any change on the mynassauproperty website since we moved (16 months ago).
As far as COs....not getting them when you do the work can be risky - you have to have a final inspection when you get your CO, and if the inspector sees something 20 years down the road that isn't up to code, you'll have to fix it then. Stair tread size changed? Window height on the 2nd floor incorrect? Front stoop not up to par? Fix, fix, fix to 2031 standards. Your electrical inspection is probably going to be through another vendor too - that can be another ballbreaking experience if they so choose (for us it was the easiest part of the final inspection - I basically told the guy what to put down).
I actually got lucky when I sold my house because we needed to get the finished basement up to code (that was finished before we moved in, but found by the inspector when he came to do the final inspection for the CO)...we had one guy come out and inspect the egress window, but we didn't have a permit for the basement and had to get one (yes, this is all silly and nightmarish when you are trying to close on your house). So we get the permit and the inspector wanted to come out again, but my attorney talked him out of it. LOVE that attorney!
In year 2 you're only paying 12.5% of the full increase to the property tax... and so on, simple as that?
Quote:
Originally Posted by twingles
If you filed permits and the county knows about it they will raise your taxes the next year. I think it depends on how fast your town/village notifies the county about the permit. Our county taxes went up the next year. Now we got the COs right before we moved 5 years later, I don't see any change on the mynassauproperty website since we moved (16 months ago).
So getting a CO and getting inspection approvals, etc. has nothing to do with getting hit with the tax increases... so basically there's no delaying the inevitable regardless. I'm going through the CO process right now since all the work is complete and there's a lot of hurdles... was wondering if it was somehow to my benefit.
Save yourself a lot of headaches later on. My BIL is a contractor and they had CO issues 2 houses ago - and she said "I'll never live in a house without the proper COs again"....have to say I agree with her.
Keep in mind too, depending on what you improved (especially additions like a deck, CAC unit, etc.), you're going to need a CO at that time anyway. Better to get it when you're not in a rush or when it could screw up a sale.
basically the filing for the permit notifies the county to adjust the assessment. the assessor explained to me that if they beleive its 80% complete at year end, they will assess you 80% of the increase, the actual finalizing of it isn't the trigger for the increase.
basically the filing for the permit notifies the county to adjust the assessment. the assessor explained to me that if they beleive its 80% complete at year end, they will assess you 80% of the increase, the actual finalizing of it isn't the trigger for the increase.
thx, and if it's complete this year, and we apply for the home improvement exemption right away, we're getting that applied next year? I know you just did yours recently... have you done the exemption and seen results?
thx, and if it's complete this year, and we apply for the home improvement exemption right away, we're getting that applied next year? I know you just did yours recently... have you done the exemption and seen results?
DO you qualify for the exemption? It sounds like it's based on the size and price of your renovation. IIRC you did quite a large job.
Been battling for 14 months with TOH for permits and CO for stuff that was mostly there when we bought the house. Nothing more punishing than "trying to do the right thing." I think the value should go up just for HAVING the CO! No one cared when real estate was booming. Now good luck getting a buyer or mortgage without permits/COs i's dotted and t's crossed.
Also, when we dormered 6 years ago (funny, they nevered mentioned the existing 50 yr old fence and shed then and just gave us the CO)...a car drove by 2 weeks after the dormer went up and took pictures which ended up on mynassauproperty weeks later. I wish I could get that kind of speedy service out of the town! They reassessed soon thereafter.
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