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Old 04-28-2018, 08:40 AM
 
242 posts, read 205,187 times
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I live in East Meadow. Taxes right now are $6,000 for a 2,100 sq ft home. It's a strange layout unfortunately, one massive bedroom upstairs with a master bath, it's like 980 sq ft. I have one bedroom downstairs. Now that I have two kids, something needs to change.

So I hired an architect and designed an addition that is approximately 1,700 sq ft to give my kids a proper living area as they grow up, a nice bedroom, their own bathroom to share, etc. I do not wish to touch the existing structure to create a livable home because it will disrupt our living situation to an extent we are unable to deal with right now and the way the house was designed it will cost us a fortune to restructure it, not including the cost of us living somewhere else for 3-4 months during construction. Therefore, the addition is WAY over the 50% that I've been reading will cause your house to be taxes as new construction.

My question: Is this true? Is it legal to increase my taxes from $6,000 to $35,000? The new construction in this area that is 3800+ sq ft with a 2 car garage are paying $18,000 (some are many years older and have grieved their taxes) but the real new construction at 3800+ sq ft with a 2 car garage are literally paying $30,000-$38,000 in taxes.

If I built the addition without understanding this, I would be forced to sell my home the day the taxes are reassessed. I can't believe this is true, that it's fair.

Anyone have direct experience with this happening?
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Old 04-28-2018, 09:06 AM
 
1,366 posts, read 987,075 times
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I was in a similar situation to yours 8 years ago. My taxes went from 7000 to 17000. Since your taxes are that low, I can definitely see them going to 24k. I’m just about to close on this house, selling it was not easy. If I were in your shoes I’d sell and buy something that is suitable and you know what your costs are gonna be.
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Old 04-28-2018, 09:24 AM
 
242 posts, read 205,187 times
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Quote:
Originally Posted by long isle View Post
I was in a similar situation to yours 8 years ago. My taxes went from 7000 to 17000. Since your taxes are that low, I can definitely see them going to 24k. Iím just about to close on this house, selling it was not easy. If I were in your shoes Iíd sell and buy something that is suitable and you know what your costs are gonna be.
Thank you for your feedback!

Selling it would not be my problem, I'm confident the house would sell quickly.

I'm worried the taxes will go to $25,000. Then maybe the town stops allowing grievances. Trump already reduced the tax deduction to $10,000 max, right? Maybe someone at the town says "no more appealing taxes, they are what they are". Then like healthcare, they go up each year and there's nothing you can do about it.
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Old 04-28-2018, 09:32 AM
 
Location: under the beautiful Carolina blue
15,723 posts, read 23,957,202 times
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Quote:
Originally Posted by TravelChange2012 View Post

If I built the addition without understanding this, I would be forced to sell my home the day the taxes are reassessed. I can't believe this is true, that it's fair.

Anyone have direct experience with this happening?
I knew a couple families in Garden City that did major work and then moved because the taxes went up so drastically. This was back in the early 2000s so it was combined with the major re-assessment they did at that time. $35K to live in East Meadow? No offense but that is just bat crap crazy.

I think what long isle was saying is that it would be a hard sell once the taxes get over $20K and that's what caused issues for him selling. If you can, he is saying, you should sell this house and upgrade to one that suits your needs.
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Old 04-28-2018, 10:44 AM
 
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I would agree. Sell and upgrade to a home with a better layout. Tax uncertainty aside, you wouldn’t likely get the $ back you put in to expand the house.
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Old 04-28-2018, 12:21 PM
 
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Originally Posted by markjames68 View Post
I would agree. Sell and upgrade to a home with a better layout. Tax uncertainty aside, you wouldnít likely get the $ back you put in to expand the house.
Fortunately, that's not the case. After grieving the taxes to something somewhat normal, my house will be very desirable, size, location, etc. and sell for a lot more than I put into it. I got it in 2008 at the low of the real estate market. So the cost to upgrade and make it exactly what I want is SIGNIFICANTLY cheaper than buying a house in this oddball sellers market. I'm somewhat experienced with the cost of construction and real estate sales. This works for us because we got the house really cheap, it's a great house and the addition we're doing will make it worth $150,000-$200,000 more than we paid + put into the addition.

Selling this house and trying to buy a house in this market that fits exactly what I need will not only be impossible, it will cost me $300k more than my house will sell for.
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Old 04-28-2018, 12:23 PM
 
Location: Confines of the 101 Precinct
19,086 posts, read 32,666,756 times
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Sounds like you have everything figured out already....

At the end of the day, you can't scam the scammers

Either pay or move
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Old 04-28-2018, 12:25 PM
 
242 posts, read 205,187 times
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Quote:
Originally Posted by SeventhFloor View Post
At the end of the day, you can't scam the scammers
What?
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Old 04-28-2018, 12:41 PM
 
4,620 posts, read 2,607,318 times
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Quote:
Originally Posted by TravelChange2012 View Post
Fortunately, that's not the case. After grieving the taxes to something somewhat normal, my house will be very desirable, size, location, etc. and sell for a lot more than I put into it. I got it in 2008 at the low of the real estate market. So the cost to upgrade and make it exactly what I want is SIGNIFICANTLY cheaper than buying a house in this oddball sellers market. I'm somewhat experienced with the cost of construction and real estate sales. This works for us because we got the house really cheap, it's a great house and the addition we're doing will make it worth $150,000-$200,000 more than we paid + put into the addition.

Selling this house and trying to buy a house in this market that fits exactly what I need will not only be impossible, it will cost me $300k more than my house will sell for.
If you bought at the low of the market then I canít fault your logic. Most didnít.

But you will still get screwed on taxes.
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Old 04-28-2018, 12:54 PM
 
242 posts, read 205,187 times
Reputation: 85
Quote:
Originally Posted by markjames68 View Post
If you bought at the low of the market then I canít fault your logic. Most didnít.

But you will still get screwed on taxes.
I'm going to take a hit one way or another. At least if I build, my family gets 100% exactly what they want and I think in the end, the numbers seem to indicate building it will be a lot cheaper than buying it, plus I make the house worth a whole lot more when it comes time to sell.

I just can't believe the taxes in Nassau County.

In Scottsdale, a 4000 square foot house is like $3,000 in taxes.
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