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Old 10-09-2014, 02:53 PM
 
4 posts, read 18,118 times
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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.
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Old 10-09-2014, 03:02 PM
 
Location: Danbury CT covering all of Fairfield County
2,619 posts, read 7,384,772 times
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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
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Old 10-09-2014, 03:17 PM
 
1,835 posts, read 3,240,372 times
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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.
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Old 10-09-2014, 03:23 PM
 
671 posts, read 883,893 times
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Depends on local codes....contact your local code office is the only way to know...
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Old 10-09-2014, 03:58 PM
 
8,539 posts, read 12,259,217 times
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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!)
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Old 08-23-2018, 03:39 PM
 
1 posts, read 6,280 times
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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?
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Old 08-23-2018, 04:02 PM
 
Location: Bloomington IN
8,590 posts, read 12,223,174 times
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Quote:
Originally Posted by eddiefen22 View Post
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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