Additional bathroom..how much will taxes increase (Islip, Oyster Bay: house, calculation)
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I am looking to do a full dormer on my home in west islip. I am contemplating adding an additional bathroom making it 3 bathrooms total. I was wondering how much of a difference that one additional bathroom would be on the taxes?
It would probably take about two years or so from the time it reports to have any impact on the taes with the way the assessments in most areas are set up. With that being said, while it isn't an eact science, the best way to figure it out is the tax increase will likely be fairly close to the value increase you get as a result of adding the bathroom. So (for easy math purposes) if your house is worth $400,000, and your taxes are $10,000, and adding the bathroom will net you an additional $20,000 in value (which is 5%) then your taxes would likely go up $500.
There are certainly more variables than that, but % wise the increase will likely be somewhere close to the % increase in value the aditional bathroom will get you. In theory that is howit should bbe at least.
If your assessed value goes up 50%, your taxes go up 50%. Straight from our town tax assessor's mouth, but it was Town of Oyster Bay.
If you're doing a new 2nd floor, obviously you'd want a bath up there. Aside from the fact that you're spending all this money to do it anyway. I understand you're probably just curious, but it's simply a must. If you don't want too high taxes, decrease the total square footage of the project.
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