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Does a person pay taxes on unfinished living space. We are building a 4 bedroom home and all the bedrooms are upstairs. We don't want to finish two of the bedrooms, until my elderly parents come to live with us in 5 -10 years. can we do this, and will we have to pay taxes on this space every year even tho its unfinished. Id appreciate any help on this.
Location: Danbury CT covering all of Fairfield County
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You shouldn't have to pay taxes. Let the town in to see the house when they are out doing the re-evaluation. They will look and measure and see. Tell them it is unfinished.d
The answer is yes & no - you do pay taxes on it, but not the same rate...Ive got a future bedroom and they tried to claim it was finished until I went to the appraisal district with my plans which said unfinished future bedroom and the photos of it "completed"....
Unfinished space is the same as garage or storage....its taxed as improvements, b/c it is, but at a lower rate. When you goto your appeal meeting you get a price for the house, the comps give you $/ft of finished and unfinished space such as garage/patio/etc....If your finished space is valued at $100/ft, then your unfinished space will likely be something like $65/ft.
I have about 480 sqft of unfinished space for the future bedroom, and a 3 car garage...So the answer is that it will save you SOME money, but not all of it.
Usually, property taxes are based upon what the house is worth...so unfinished space should be worth less and therefore taxed somewhat less. If you're presently building, however, make sure to check with the local authorities to make sure you can get an occupancy permit on an unfinished house. (I suspect you'll be able to--but everything is local!)
I purchased a new townhouse in DeKalb County, GA on 2/22/2018. The letter of occupancy was issued on 2/13/2018. All real estate properties are assessed on January 1 each year. Since my home was not finished on 1/1/2018, do I get taxed on partial construction or the land value?
I purchased a new townhouse in DeKalb County, GA on 2/22/2018. The letter of occupancy was issued on 2/13/2018. All real estate properties are assessed on January 1 each year. Since my home was not finished on 1/1/2018, do I get taxed on partial construction or the land value?
This will vary tremendously by location. Call your local treasurer and ask.
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