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I'm in the process of buying a new built house and thinking about finishing the basement after moving in.
My builder is telling me that Greenburgh is doing a townwide reassessment this year (which they haven't done in the about 60 years), if I wait after summer to finish the basement, it won't increase my property tax (not until they do another townwide reassessment which will be god knows how many years later) because "it is illegal for them to reassess the house just because it is finishing the basement."
Is it true? From what I have read / heard I was under the impression that finishing the basement (legally, with permit) would increase the property tax almost immediately?
I have no idea but I would definitely get another professional opinion or just call the town.
Common sense tells me that if you get a permit, the town will see your livable square foot is increased and therefore your taxes will increase. I don't think it will be immediate though, it'll be the next tax year.
Any time you finish space you are suppose to get a permit. If you finish the space without a permit to save the taxes, you will have to legalize it before you sell if you want to include it in the square feet to increase your value. There is always the chance that what you do to finish it now might not be to code when you try to legalize the space later. A buyer might also have a problem with a finished space without a permit. Also, if while you finish the basement, without a permit, someone from the village finds out the consequences could also be worse for you. Also, if you have someone living in the space or put in a bathroom, you should really get a permit for it.
Your house could be assessed for $550,000 but its really only worth $520,000. You finish the basement and it adds $20,000 in value. So now your house is worth $540,000.
They can't raise your assessment because your house is still worth less ($540,000) than the assessed value ($550,000).
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