CO Updating/Tax Increase (Hempstead, Valley Stream: house, to buy, new construction)

[akaroutsos]

Long story short, we are trying to buy a house in Malverne and the CO will be updated to include a 1/2 bathroom and a full finished basement. The current taxes including village is about 8k. Can anyone estimate what the tax increase would be to include the bathroom and basement?

[iluvmycuties]

It really all depends on whether or not it is being filed as new construction or a maintain.

[Kbinspections]

How many square feet were added? Basement is typically not factored in unless its not a true basement.......

[iluvmycuties]

KB is right...why are they getting COs for a basement?

[TomMoser]

Originally Posted by iluvmycuties

KB is right...why are they getting COs for a basement?

COs are required for a finished basement. This is, along with decks, are the two items that many homeowners don't realize that they need a CO for until they go to sell. Sometimes you'll get by with the finished basement, but in this case, they also added a bathroom which is probably what triggered it.

[akaroutsos]

Originally Posted by TomMoser

COs are required for a finished basement. This is, along with decks, are the two items that many homeowners don't realize that they need a CO for until they go to sell. Sometimes you'll get by with the finished basement, but in this case, they also added a bathroom which is probably what triggered it.

Actually they converted the attic into a bedroom with a bathroom. They also finished the basement, so the inspector said it'll be shown on the CO as a recreation room. The other issue is that the homeowner didn't get a permit for any of the work and the basement requires 2 exits, so an egress window needs to be installed to bring it up to code.

Any idea on the tax increase? Couple hundred? Couple thousand?

[Walter Greenspan]

Originally Posted by akaroutsos

... (W)e are trying to buy a house in Malverne ...

For those who may not be familiar with Malverne:

Malverne is a village (incorporated in 1921) in the west-central part of the Town of Hempstead, in the southwest part of Nassau County.

Beginning on the north and moving in a clockwise direction, the Village of Malverne in the Town of Hempstead is bordered on the north by the Hamlet of Franklin Square and the Hamlet of Malverne-Oaks; on the east by the Hamlet of Lakeview; on the south by the Village of Lynbrook and the Hamlet of North Lynbrook; and, on the west by the Village of Valley Stream and the Hamlet of North Valley Stream.


http://upload.wikimedia.org/wikipedia/en/7/7f/Malverne-ny-map.gif (broken link)


The Village of Malverne has a different border than does the "Malverne, NY 11565" ZIP Code postal zone (i.e., a place can have a "Malverne, NY 11565" mailing address and not be in the Village of Malverne): places that have a "Malverne, NY 11565" mailing address that are not in the Village of Malverne are in the Hamlet of Malverne-Oaks.


For a good set of town-by-town maps showing all the villages and hamlets in each of LI's 13 towns (3 in Nassau County and 10 in Suffolk County): Excellent Long Island Geographic Resource

[iluvmycuties]

You should QUIETLY ask the inspector if it is going in as a maintain or new construction. That makes a very big difference in tax increase.

[Smash255]

Originally Posted by akaroutsos

Actually they converted the attic into a bedroom with a bathroom. They also finished the basement, so the inspector said it'll be shown on the CO as a recreation room. The other issue is that the homeowner didn't get a permit for any of the work and the basement requires 2 exits, so an egress window needs to be installed to bring it up to code.

Any idea on the tax increase? Couple hundred? Couple thousand?

Obviously it would raise the value and assessed value of the home. Now what happens with the school & village taxes notwithstanding I don't think it would impact the taxes by more than a few hundred. Also have you applied for the Star reduction? That would help a bit with the school taxes.

[Kbinspections]

Well it will end up costing per square foot of livable space, if its a big basement, its really going to go up. Call the tax accessor and he will tell you the rate by foot and you can do the quick math.