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^^ You will want the central air. Its not worth the tax savings skimping out on it. I think mine went up $150 a year with it.
Our current house in Queens doesn't have central ac, we do have wall units for each room and we use it as needed which is only a handful of days we really needed it. Generally we like hot weather unless its more humid and hot on the island. That's why I thought we'll be able to continue without ac. But $150 is not so bad either. If you don't mind me asking how much is your electricity bill during the hot months?
Not true. Your assessed value measures your proportional share of the taxes. It does not reflect your taxes directly. It is possible that your assessed value increases but (since your increase is less than the increase of your neighbors or since the total budget decreases) your taxes decrease. Likewise, your assessed value can decrease, but since it decreases less than your neighbors or since the budget increases (or both), your taxes increase.
- The numbers are obviously not set in stone... the 50% rule (as a good example of what actually happens with improvements) is a way to get an idea of the kind of tax increase you'll see - this is specifically what I asked the town. A moderate improvement like 25% will bring your taxes up approx. 25%, which is a big difference from 50% since we're talking thousands. This is important because the jump they're bracing for will only be 1 time. Year to year it increases but fluctuates from your neighbor's difference minimally so adjusting for others' contributions is fairly unimportant. Your example of assessed value increasing but having your tax decrease because of others' contribution - will hardly ever happen because the tax rate goes up too. At any rate, they just wanted to get an estimate of the increase they're looking at.
Thank you for the detailed explanation. Wouldn't the assessed value of a property increase if you upgrade a basic kitchen with simple cabinets to a newer modern kitchen? The kitchen will need a new CO since we're extending it to the back so it'll be bigger.
Right now the fair market value of the property is 410,000 and the tax is about $11xxx. So if I look at properties with the same number of bedrooms, bathrooms and living space will I be able to get an idea of what the new fair market value would be after the new assessment?
We can skip the porch and CAC to keep the tax lower.
If your kitchen needs a CO, they will likely assess you for a modern kitchen whether you really do it up or keep cabinets simple. You may as well do it up at that point. I'm not sure by how much, but it's not worth NOT doing just for tax savings IMO.
Yes to doing comps to get an estimate also.
Quote:
Originally Posted by Kodi
Can you please clarify your last couple of sentences. I thought the inspection is done when everything is complete. What needs to completed for the inspection to be done? Also do we let the town know when we're ready for the inspection?
Our general contractor handled everything including scheduling and I'm only assuming you'll have one do both your patio and dormer (the only things requiring inspection). Things needed multiple inspections - the final one came the final days while they were prepping to leave. In no way was it "unfinished" at that point - I'm not even sure they allow that since things can be added after they leave. What would be the benefit of doing that since they don't exactly tally up the quality of your finishes anyway? Our guy did a 5 minute visual inspection and didn't even walk down to the basement where we had work done.
Quote:
Originally Posted by Kodi
Our current house in Queens doesn't have central ac, we do have wall units for each room and we use it as needed which is only a handful of days we really needed it. Generally we like hot weather unless its more humid and hot on the island. That's why I thought we'll be able to continue without ac. But $150 is not so bad either. If you don't mind me asking how much is your electricity bill during the hot months?
We sparingly use the CAC (maybe 3 hrs a day and not every day) and electric goes up maybe less than $50/mo. I would do it for resale value if nothing else since you're already doing work, but honestly, is it worthwhile having cool air throughout the house all at once? Not necessarily.
Also something else to look out for is side setback. We put our CAC units on the side yard (where the old units were) and during inspection they said I needed a variance for the setback from the property line. That was a PITA... throw them in the backyard instead - if only I was warned.
In my experience, my taxes went from 7500 to 15500. I originally got a permit for an entire 2nd floor, front porch and 2 small side extensions. I knocked the entire house down instead since the 1st floor framing was insufficient. Another thing to consider, I was denied for the tax abatement since it was over 50% construction. All work must be completed ( livable) before issued a CoC.
Our current house in Queens doesn't have central ac, we do have wall units for each room and we use it as needed which is only a handful of days we really needed it. Generally we like hot weather unless its more humid and hot on the island. That's why I thought we'll be able to continue without ac. But $150 is not so bad either. If you don't mind me asking how much is your electricity bill during the hot months?
My house has the central AC 24 hrs a day as soon as its 75 degrees out through Sept. If you have good windows/doors and are insulated properly the bills aren't crazy. My 2000 sqft home with 1 zone is around 75-100 more per month depending on heat waves.
Do split systems instead. May cost a little more but it will be much better.
I don't know about that. I have an older house with window units and one permanent (in wall unit) unit in my kitchen. Once the weather gets cooler I take out the units and put them in my attic. I have 5 AC's but only use 3 or 4 of them. Some rooms don't need one.
Installing a CAC would be so intrusive and take away space in my attic, basement & back yard, would require lots of duct work, be very costly and would require me to upgrade my circuit box from 100 amp to 200 amp. That is money I don't have. The only downsides to window units are that they don't look too nice and are noisy. I don't mind the noise because it is white noise to me.
I don't know about that. I have an older house with window units and one permanent (in wall unit) unit in my kitchen. Once the weather gets cooler I take out the units and put them in my attic. I have 5 AC's but only use 3 or 4 of them. Some rooms don't need one.
Installing a CAC would be so intrusive and take away space in my attic, basement & back yard, would require lots of duct work, be very costly and would require me to upgrade my circuit box from 100 amp to 200 amp. That is money I don't have. The only downsides to window units are that they don't look too nice and are noisy. I don't mind the noise because it is white noise to me.
Between central and split systems for an old plaster home I'd recommend splits. Conventional units are fine but, tend to be a pain in the neck especially as you get older and the in walle method are a good way to lose tremendous heat in the winter and are unsightly.
In my experience, my taxes went from 7500 to 15500. I originally got a permit for an entire 2nd floor, front porch and 2 small side extensions. I knocked the entire house down instead since the 1st floor framing was insufficient. Another thing to consider, I was denied for the tax abatement since it was over 50% construction. All work must be completed ( livable) before issued a CoC.
This is another good reminder - the home improvement tax exemption for the first 8 years is very helpful if you qualify - most dormers should.
I would do the kitchen you want. They are going to be more concerned with your expanded square footage than your finishes.
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