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I am very positive equity in my home I purchased about 3 years ago. Our taxes are 12,xxx many homes in my area are paying 14-15.5k for the exact same house. According to the county my home has never been touched. W/ that said my house is updated the kitchen is 10/10 my master bath is nice but its just way to small.
We are going back and forth between adding space or selling and moving. My question is if I add 42 sq ft yes that is not a joke a 6x7 extension off my master bath, How will I be assessed? Since my kitchen is phenomenal and my master bath will be stunning and will be 14x7 do the finishings matter or is it just the sq footage? Of course there is the elephant in the room if an assessor came to my house my finished basement w/ crapper.
Ex 2 homes both 1900 sq ft 2.5 bath with identical 12k tax bills both add a 10x10 sun room. Home A has completely renovated kitchen and stunning master bath. Home B has kitchens in bath's from 1984. After the reno would both still be taxed the same or would home A that is updated be taxed more.
My fear is we add the space then my current market value of 330k goes to 400k and it costs me $2500 more a year and at that point I mine as well sell and move.
The bathroom expansion would be done with permits.
Then you're gonna have to pay the man.
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