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first time home buyer. purchased a home in clifton for 450k and taxes are 5.3%. the current assessed value is 217k.
when we purchased the house we resanded the wood, painted and installed new tiles in the kitchen, House looks in great condition now. Will this impact our tax assessment. I checked comps in the area purchased a year or two ago and their taxes seem to have remained the same despite the ratio between sale price and tax assessment.
what should i expect the tax assessor to do? we did not do anything structurally to the house, but it looks great with the 20k worth of work we've done.
will this work impact our assessment? the house from the outside had damaged sidings that are in dire need of repair.
any tips or information i should be aware of? or should i just wait it out till the tax bill comes?
we pay that part of the mortgage now..taxes in this town are already very high!
For the most part taxes have very little to do with finishes, they're typically determined by room quantities and types. Add a bathroom and your taxes go up. Add a bedroom, your taxes go up.
Wallpaper the downstairs and put new tile in? You shouldn't see much of a change if anything. Otherwise you're rewarding bad interior styles when that has very little to do with the actual value of the home and property.
I wouldn’t worry too much about it. You’ll likely be less sensitive about it as time progresses. We bought in GR. Our assessment went up 75k just from the town looking at the MLS photos. We didn’t make improvements nor did they inspect. I threw a fit initially. But it was fair considering our market value. But over time, yes, Taxes are high. Are we going to move, no? Are you going to pay brokers commission to sell if your taxes go up 1 or 2k? Probably not. It’s just a something to come to terms with. Every 5 or so years they reassess and it will be taken into consideration eventually. You can’t hide improvements forever. You’re adding value to your home. Enjoy it.
They mostly look for updated rooms and additional rooms. Depending on the town and person doing the walk through, updates do matter but I can't say how much. It seems quite subjective in some ways.
They're generally based on nearby market value of similar house configurations. They can't simply make you pay 20-30% more than similar homes nearby. People would usually hire lawyers to fight that if it happens.
I think property taxes generally are unfavorable towards newly built homes than older homes. I've seen some huge properties paying 50% less than comparable sized newly built homes in the same town. Because many older ones have not been reassessed.
I think property taxes generally are unfavorable towards newly built homes than older homes. I've seen some huge properties paying 50% less than comparable sized newly built homes in the same town. Because many older ones have not been reassessed.
Newly built homes usually command a premium price so the assessors may just be following the market.
Newly built homes usually command a premium price so the assessors may just be following the market.
Newly built homes are assessed at the current market value, while the older homes are not. My home was new when I moved in, and my property taxes dropped considerably a couple of years later, when the town did their town wide reassessment.
8 years later, I am back up to my original property taxes that I paid the first couple of years.
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