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Old 03-03-2010, 06:44 PM
GPC GPC started this thread
 
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I'm curious about something. I'm selling my house and getting some improvements legalized. This obviously won't affect my taxes as I'll soon be gone but I was wondering how much the next owner's taxes will go up. The things I'm getting legalized are: a second floor expansion (it was a cape that was dormered in the back - we blew out the front as well so now it's a colonial), central air conditioning, a finished basedment will a full bathroom and outside separate entrance, and a deck. My taxes are currently $10,600. My STAR discount amounts to $1,400 so the total tax bill on my house is really $13,000. I'm sure the town will eagerly raise the taxes once they have all this paperwork in front of them. Does anyone have an idea as to how much they'll go up?
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Old 03-03-2010, 06:53 PM
 
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It takes 3 years for the new taxes to go into effect. Do you need help legalizing the structures?

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Last edited by Keeper; 03-04-2010 at 08:51 AM.. Reason: soliciting
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Old 03-03-2010, 06:54 PM
 
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It is also possible that you are paying taxes on these improvements already. You can check propert sketch and property description on my nassau property.
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Old 03-03-2010, 07:05 PM
GPC GPC started this thread
 
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Originally Posted by deank2 View Post
It is also possible that you are paying taxes on these improvements already. You can check propert sketch and property description on my nassau property.
I just checked my property description on mynassauproperty. It does reflect the second floor expansion and deck but not the other items. It also says oil but I have gas.
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Old 03-03-2010, 07:09 PM
GPC GPC started this thread
 
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Originally Posted by deank2 View Post
It takes 3 years for the new taxes to go into effect. Do you need help legalizing the structures?
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Wow, 3 years? I didn't know that. Is there a reason for that amount of time?

Thanks for the offer to help but I've got it covered. The process was already started about a month ago and we're selling at the end of the school year in late June. We have time for the usual process to play itself out without having to expedite it. We also submitted a hardship letter to the town to keep things moving at a quick pace.

Last edited by Keeper; 03-04-2010 at 08:52 AM..
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Old 03-04-2010, 04:46 AM
 
Location: Long Island (chief in S Farmingdale)
22,059 posts, read 19,262,646 times
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Quote:
Originally Posted by GPC View Post
Wow, 3 years? I didn't know that. Is there a reason for that amount of time?

Thanks for the offer to help but I've got it covered. The process was already started about a month ago and we're selling at the end of the school year in late June. We have time for the usual process to play itself out without having to expedite it. We also submitted a hardship letter to the town to keep things moving at a quick pace.
It might be slightly different if your in Suffolk depending on the town, but in Nassau it can be that long (though more like 2 1/2 years when the school taxes kick in.

The taxes are based off the assessed value of the house. The assessments in Nassau are done in early January, so any work you do on the home now won't show up until the assessment next January. That, however is only a preliminary assessment. Due to time that is given for those who wish to grieve their assessment as well as the time needed for those requests the assessment does not become final for 16 months (though the vast majority of the time the final assessment does not change from the preliminary assessment) The assessed value is then used to help calculate the following years taxes.

So using your example, if you happen to be in Nassau, the work recently did/ and will do on the home will be reflected in the assessment data that comes out next Jan. However, in January that data assessment will only be Preliminary, and will not be final until April of 2012. It will then be reflected in the school taxes for the 2012/2013 school year and the 2013 County and Town Taxes.

In Suffolk the general idea is the same, but the assessments are controlled by the Town, not the County, and some of the cut off and assessment dates are different. For example in some Towns (though not all) the assessments are in July instead of January. If you are in Suffolk, and a Town that has the July assessment, the work done, and will do are likely to be included in the July assessment. A time period still exists between when its Preliminary and Final (though its a bit shorter) but the work done will be impacted on this years assessment instead of next years assessment which would be the case in Nassau and some other towns. As a result the impact of the taxes would be sooner, in this case it would be the 2011/2012 School taxes and the 2012 County and Town taxes.

I know I may have been a bit wordy and long winded, but hope that helps.
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Old 03-31-2012, 12:21 PM
 
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I am in contract with my house and the deck doesn't have a permit. I was told that I have to take it down by the buyers lawyer. Can I get a permit for it now , how much and how long does it take to obtain one. I live in North woodmere, Town of Hempstead
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Old 03-31-2012, 02:23 PM
 
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[quote=crestview52;23652914]I am in contract with my house and the deck doesn't have a permit. I was told that I have to take it down by the buyers lawyer. Can I get a permit for it now , how much and how long does it take to obtain one. I live in North woodmere, Town of Hempstead[/quote

We bought a house with a deck that didnt have its co-it was like opening a can of worms-besides having to make repairs when they came they bought up other things with the pool, fence and shed. We will be in the market again soon and wont buy anything without its proper co's or substantial price reduction.

Also, I thought the banks were getting tougher and not lending if the house doesnt have all its permits.
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Old 03-31-2012, 02:56 PM
 
730 posts, read 1,641,602 times
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Quote:
Originally Posted by GPC View Post
My taxes are currently $10,600. My STAR discount amounts to $1,400 so the total tax bill on my house is really $13,000. I'm sure the town will eagerly raise the taxes once they have all this paperwork in front of them. Does anyone have an idea as to how much they'll go up?

10,600 + 1,400 = 12,000 (not 13,000).

When a property is purchased through an "arms length transaction" - meaning there was no price reduction or discount because of a relationship or other issue, doesn't the purchase price then become the basis for the new tax computation?
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Old 03-31-2012, 03:41 PM
 
Location: Long Island
9,911 posts, read 22,999,029 times
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[quote=amyla;23654236]
Quote:
Originally Posted by crestview52 View Post
Also, I thought the banks were getting tougher and not lending if the house doesnt have all its permits.
That's pretty much correct. With a rehab or 203(k) loan there can be exceptions; then it's up to the buyers to get the necesssary permits and/or COs upon completion of whatever they're doing.
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