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We just put on an addition to our house so we had to have it reappraised (MA). Our house is a split level/raised ranch and the lower finished level does NOT count as square footage. Our new addtion (above level) does count. We were given additional value in the appraisal for the lower level being finished, but it did not increase the value the same as above level square footage.
When I lived in NY you were taxed on a finished basement. Hence the reason 90% of basements on Long Island are illegal. So yes.
actually that really isn't true. you are taxed additionally for a finished basement on LI, just liek you're taxed additonally when there is a pool or shed. it is not counted in the sqft totals on appraisals or when you sell a house.
I can speak for 2 places I own property: Utah, basement square footage counts, although it is appraised at roughly 15% value of above ground square footage. Illinois, basement square footage doesn't count at all.
Since we don't really have basements (or certainly very rarely) out here in California, it usually would describe a house that is on a slope and would be one level from one side and two (or more) on another. If that space is finished off like the rest of the house with windows and egress then it would generally be counted just the same- unless it had a really basementy feel about it I guess.
In my area, the square footage is added to the total square footage BUT...the value is much lower.
For example...if a home (main floors) is valued at $125 per sq. ft., the basement may only get a value of $25 per square foot (depending on how it is finished off).
In my area, the square footage is added to the total square footage BUT...the value is much lower.
For example...if a home (main floors) is valued at $125 per sq. ft., the basement may only get a value of $25 per square foot (depending on how it is finished off).
The issue is more about the sales pitch that got them there.
When the buyer does the quick calc as they scan the listings...
they'll see example one ($200K /1500sf) is $133/sf ...
versus example two listed with the lower level included ($200K /2700sf) is only $74/sf...
All other things being equal...
which property will they want to go look at first?
Last edited by MrRational; 10-25-2011 at 12:12 PM..
I'm still confused here, if I see a house for sale in some websites like Realtor or Trulia etc... with the size of the house for 2,000 sqf with full/partial basement, how do I know the 2,000 sqf includes the basement or not?
And sometimes, the lot includes the house, too. That's why some house with the same size and same lot seems smaller than other. For example: the lot is 1/4 acre but minus the house 2,000 sqf so it's usage acre is just about 9,000 sqf.
Do you have any idea about this?
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