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I currently live Roselle Park (Union County) and I was wondering if I finish my basement, will it increase my property tax? Planning to enclose the area that has the washer and dryer, create a storage room, and the rest will be open space for a couch, tv, etc.
Also, since I'm not creating an extra bathroom or bedroom in the basement, do I need to get a permit?
You need to call your town's building dept. to find out if a permit is needed. As for property taxes, finishing the basement most likely won't make any difference because a basement is not considered "livable" space, and should not affect the assessment of your home.
I believe it would raise your taxes because you are adding on livable space, but it wouldn't be as high as a whole new addition to your home. However you will need a permit given all the work involved.
Definitely talk to them before you begin, combustible air for the furnace sounds like your biggest permit hassle here if you're not making it habitable space. But you can get around that by running a duct outside to bring in outside air.
Definitely get the permits. It will save you a lot of hassles and money when you try to sell the house or if the town comes around for a reassessment inspection. Besides, you don't want to mess around with electrical stuff. It will give you peace of mind to know that it was done properly. And my inspector failed the insulation on the basement, forcing the contractor to add more insulation. I was very happy that was taken care of before the walls were put up.
As to taxes, check with the town. When I did it, my town told me that they do not assess anything below ground level, whether it is livable or not. My taxes did not go up after the basement was finished.
They WILL add to your property taxes, but probably not as much as you think. What Union County will do (probably 2-3 years after you are done) is come out and decide how much it added to the value of your house. Remember the numbers are all made up (so it makes it harder to complain), they just multiply them by another made up number to get the total they want. So I had a house where the building was accessed at $208,000 and the land was $60,000 (probably would sell for 3-4 times that). 2800 sqft, completely redid a basement to add 1000 sqft (including 1 full bath). The accessed value went up $3500 on the house. Taxes when up around $300/year for that. RP seems to have a higher rate, but a lower average house cost. So I would guess it would be around the same
This is one of the most stupid laws in this country, i will never understand why i should be punished by paying more taxes for fixing up my house with my own money, which in turn also improve the overall neighborhood and generate jobs for the contractors. Meanwhile someone who let their house fall apart is rewarded with lower tax.
I can understand if we are talking about commercial or large investment properties as it will allow more people to live in and/or generate more income, so the business owner should pay more taxes.
But for primary residence it makes absolutely no sense. Everyone should be taxed fairly based on the size of the lot they own, NOT how nice their house is.
The government isnt paying anything to renovate my house, so why should they tax me more than my neighbors. Only other argument i see is if you sell it you will make more money from a renovated property - fine, then tax the seller for the profit made when the house is SOLD not someone who lives there and just decide to spend some of his own money to improve the property.
Again, my house is still assessed at the same value even after finishing the basement. Each town is different. The OP has to call the town to find out how their particular town handles it.
Again, my house is still assessed at the same value even after finishing the basement. Each town is different. The OP has to call the town to find out how their particular town handles it.
Maybe your finishing the basement didn't improve your house
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