Is Finished basement is Taxable? (real estate, assessor, refinance)

[prat1023]

Sorry i am asking a basic question. But i did not have a concrete information about this question.
My builder is offering finished basement in part of base price, i was thinking if i need to go for it or not.
The only reason is Property tax on this finished basement.
I had two lots options,
1. Day light basement - is this taxable if it is finished
2. Regular/Egress basement - is this taxable if it is finished

Thanks.

[jackmichigan]

Your property taxes will be based upon the market value of the finished house as a whole, not on any particular part or feature.

In Michigan, the local Assessor is supposed to place the assessed value at 50% of the true cash value (referred to as the State Equalized Value, or SEV). So if you purchase the house (and land) for $200,000, your Assessor will likely establish the SEV at $100,000. If you order added features which increase the purchase price, your assessment will likely go up accordingly. If the added features don't increase your purchase price, they will likely not increase your tax assessment.

[zthatzmanz28]

I belive most areas below grade have no real value? Walk-outs could be the exception.

[Coldjensens]

Walk out finished basement counts in the square footage and therefore will substantially increase the appraised/assessed value.

Regular access counts very little. It is not factored in as living space. We have very nicely finished two bedrooms, bathroom hallway, and a game room/theater on one side of our basement. The bathroom is fancy with a steam shower/jacuzzi tub. Some poeple woudl say our basement is nicer than the rest of the house. However the appraisal/assessor count its value as $5000. Good for us having a six bedroom house taxed as a four bedroom house. Bad for us if we try to sell it or refinance.

This is all really dumb, but it is what the real estate appraising rules are.