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This house was sold in 2015 and then renovated. Now it's back into the marketing November with $200k+ price increase due to renovation etc.
The owner said in the ad that the property tax is around 10k without star.
However, for all these new upgrades done just in 2015 such as "4 Bedroom 2 New Full bath New Kitchen wood cabinets with granite counters and stainless steel appliances completely renovated house has a rear dormer with a side kitchen addition and a finished basement new 3 zone gas heat new 2 zone central ac new roof, siding, driveway,stoops and paver patio School "
Are any of these upgrade items going to increase the property tax?
Are any of these upgrades supposed to be reported to department of building with proper permit etc or other dept?
Go to the Town and see if the required permits were pulled. Simple. Check for final inspections.
As to taxes. Eventually......
See.. the issue in Nassau County is that there are county-wide assessments done. And the county does a miserable job. At least that's something everyone can agree upon.
The last I read, new assessments are going to happen in 2018. Will they? Who knows. They've put them off before.
IMHO.....the County needs to give up the RE assessment gig and leave it to the individual towns. Then perhaps Nassau could be on a normal re-eval schedule like other parts of the country: statistical and actual.
Here's a prime example how Nassau County is so screwed up when it comes to assessing property.
The description reads as a 1459 sqft ranch built in the 50's online.
Yet, the picture clearly shows the house is now a two story colonial.. heck there's even a construction vehicle in the photo! Square footage is now around 3600sqft with the second floor and new addition. Brand new garage and swimming pool.
All work was completed in 2014. All permitted, inspected and new CO issued.
Yet, the county still is assessing the property as the original ranch house with a fair market value of $449K.
In the particular town where it is located.........fair market value is over $1 million!
Good for the owner.........bad for the rest of the taxpayers!
Poor guy across the street.....same thing....smaller old house Mc Mansioned.......original owner got away with the low tax bill.........new owner's who paid $1.5 million in 2014.......are now paying full taxes on fair market value of $1,050,00.
Go to the Town and see if the required permits were pulled. Simple. Check for final inspections.
As to taxes. Eventually......
See.. the issue in Nassau County is that there are county-wide assessments done. And the county does a miserable job. At least that's something everyone can agree upon.
The last I read, new assessments are going to happen in 2018. Will they? Who knows. They've put them off before.
IMHO.....the County needs to give up the RE assessment gig and leave it to the individual towns. Then perhaps Nassau could be on a normal re-eval schedule like other parts of the country: statistical and actual.
Hi thanks for the insights. If I go to the town and they don't have any inspection in 2015, that means that the property tax may go up much more if they take into account the new renovations.
If I change the heating system from 1 zone to 3 zone, does it increase property tax?
Similarly if I change the hearing from oil to gas, is there more property tax?
Here's a prime example how Nassau County is so screwed up when it comes to assessing property.
The description reads as a 1459 sqft ranch built in the 50's online.
Yet, the picture clearly shows the house is now a two story colonial.. heck there's even a construction vehicle in the photo! Square footage is now around 3600sqft with the second floor and new addition. Brand new garage and swimming pool.
All work was completed in 2014. All permitted, inspected and new CO issued.
Yet, the county still is assessing the property as the original ranch house with a fair market value of $449K.
In the particular town where it is located.........fair market value is over $1 million!
Good for the owner.........bad for the rest of the taxpayers!
Poor guy across the street.....same thing....smaller old house Mc Mansioned.......original owner got away with the low tax bill.........new owner's who paid $1.5 million in 2014.......are now paying full taxes on fair market value of $1,050,00.
If that's the case it makes a strong argument to do a quick flip and sell right away before reassessment.
One of the first things to consider is this house reno worth 300k? They bought the house for 350k and now flipping for 659k. You could probably find something better at that price. When I bought in NHP we bought a colonial that was converted from a cape. The first year our taxes were 8k, in 3 years they jumped to 14k due to permit work finally being applied to the assestment.
You should get a comprehensive list of the actual work done.
A new kitchen, wood cabinets, granite counters, stainless steel appliances, new roof, replacement HVAC system, replacement siding, replacement stoop, and pavers not set into the ground with concrete or sand are not taxable improvements (meaning they do not add to your assessed value).
Increases to the square footage, finishing a basement, installation of central HVAC, pavers set in concrete or sand. I do not know if a dormer is a taxable improvement.
You should get a comprehensive list of the actual work done.
A new kitchen, wood cabinets, granite counters, stainless steel appliances, new roof, replacement HVAC system, replacement siding, replacement stoop, and pavers not set into the ground with concrete or sand are not taxable improvements (meaning they do not add to your assessed value).
Increases to the square footage, finishing a basement, installation of central HVAC, pavers set in concrete or sand. I do not know if a dormer is a taxable improvement.
The powers that be will eventually catch up to the new sales price. What I've been seeing.. it's taking them three years+ after a new sale at "Improved" price".
This house was sold in 2015 and then renovated. Now it's back into the marketing November with $200k+ price increase due to renovation etc.
The owner said in the ad that the property tax is around 10k without star.
However, for all these new upgrades done just in 2015 such as "4 Bedroom 2 New Full bath New Kitchen wood cabinets with granite counters and stainless steel appliances completely renovated house has a rear dormer with a side kitchen addition and a finished basement new 3 zone gas heat new 2 zone central ac new roof, siding, driveway,stoops and paver patio School "
Are any of these upgrade items going to increase the property tax?
Are any of these upgrades supposed to be reported to department of building with proper permit etc or other dept?
Thanks very much!
That house is at a 1,072 assessment with no pending property tax grievances and will lose the sr citzens exemptions. Even if left as is that house will be at $13,000 in taxes in 2016.
Also Nassau County is doing a county wide assessment that comes out on 1-1-2018 that will take effect with your 10-1-2019 school tax bill.
Safe to say even if the improvements do not raise taxes as it was just renovations to existing things and no square footage added the taxes are going up.
Most flippers try to just renovate houses with no permits. For instance buy a 1960s all orginal estate sale cape with four bedroom two bathes and finished basement with pink sinks, old paneling, shag rugs and update it. The bank just looks at property card that says four bedrooms, two baths and a finished basement and that is all that matters. Now if it was a two bed with one bath home at 1,000 square feet magically a four bed, 2,000 square foot house that would be an issue.
If you want low taxes, buy a cheap estate sale house that owners have grieved and renovate it your self.
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