I just found out, that if I dare want to do home improvement on my old 100 year old asbestos filled house taxes go up?!? (Oyster Bay: 2014, how much)
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so the house that my relative has is almost 100 years old, and if I want to dormer it or do home improvements, my taxes will go up or so says the town of hempstead. Does anyone know how much they can go up by?
I also heard whispers of a "reassessment" issue where the town can come by and say
"hey you added some stuff to your home, you own $8,000 more a years in taxes!"
I just dont understand, some houses on LI are reaching 100 years old, and they electricals wiring is also over 100 years old, as they didnt use the same standards they do now so they are fire hazards
not only that all the houses on long island have asbestos , so now they become toxic.
now if you want to do home improvements taxes go up...
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by mathjak107
most of the country is like that . increase the value of the house and you pay more
Most or all.
Any improvement that requires a permit may be used to increase your appraised value, and then your taxes. Replacing a water heater, a new roof, or repairing termite damage doesn't affect it, only actual improvements adding value. Adding a window, a new deck, pool, hot tub, will. Some items like upgraded electrical could go either way depending on the city/county assessor. For example replacing your gas furnace with a new one of the same BTUs would not, but changing it to a heat pump with heat and cooling might. If there is no permit required and pulled, they won't know about it if indoors. Some counties will actually send out a helicopter looking for unpermitted work such as additions to a house, a deck or a pool.
The OP does raise an interesting point. Home improvements can lead to a tax increase.
I actually had discussions on this family and friends. Because the Long Island taxes are so high already, its like they are deliberately trying to discourage people from improving their homes. Or if they do improve their home, to do it without a permit and under the radar screen. Either way, the town and school district are losing additional revenue.
so the house that my relative has is almost 100 years old, and if I want to dormer it or do home improvements, my taxes will go up or so says the town of hempstead. Does anyone know how much they can go up by?
I also heard whispers of a "reassessment" issue where the town can come by and say
"hey you added some stuff to your home, you own $8,000 more a years in taxes!"
I just dont understand, some houses on LI are reaching 100 years old, and they electricals wiring is also over 100 years old, as they didnt use the same standards they do now so they are fire hazards
not only that all the houses on long island have asbestos , so now they become toxic.
now if you want to do home improvements taxes go up...
someone explain this madness
is all of long island like this?
No madness at all. The age of the house has nothing to do with it. Anyone that dormers a house is going to be paying higher taxes because they are adding more living space. More living space sq/ft = higher taxes. Why is that a surprise? Same if you convert your garage to a livable space. It has always been that way.
No madness at all. The age of the house has nothing to do with it. Anyone that dormers a house is going to be paying higher taxes because they are adding more living space. More living space sq/ft = higher taxes. Why is that a surprise? Same if you convert your garage to a livable space. It has always been that way.
This is why converting garage to livable space and leaving the garage doors and finishing the basement and adding a bathroom there is so commonly done w/o a permit.
This is how it should work.
1) You will NOT be taxed on any renovations or changes done to the current foot print. So finishing the basement, turning a closet into a bathroom, converting garage to a den etc should see no tax increase.
1) any expansion of the foot print such as a dormer, building out in any direction etc the home will be reassessed based on the old taxes using the $$ amount per sq ft. Ex 12k tax bill on 1800 sq ft is $6.67 per sq ft, if the house becomes 3k sq ft it’s now 20k. It’s one giant guessing game there needs to be a standard formula for renovation tax hikes.
No madness at all. The age of the house has nothing to do with it. Anyone that dormers a house is going to be paying higher taxes because they are adding more living space. More living space sq/ft = higher taxes. Why is that a surprise? Same if you convert your garage to a livable space. It has always been that way.
even if you convert the garage they raise taxes?
does anyone know , ball park figure speaking HOW much your taxes will go up?
Is it $100? $500 $5000?
Quote:
Originally Posted by gx89
This is why converting garage to livable space and leaving the garage doors and finishing the basement and adding a bathroom there is so commonly done w/o a permit.
This is how it should work.
1) You will NOT be taxed on any renovations or changes done to the current foot print. So finishing the basement, turning a closet into a bathroom, converting garage to a den etc should see no tax increase.
1) any expansion of the foot print such as a dormer, building out in any direction etc the home will be reassessed based on the old taxes using the $$ amount per sq ft. Ex 12k tax bill on 1800 sq ft is $6.67 per sq ft, if the house becomes 3k sq ft it’s now 20k. It’s one giant guessing game there needs to be a standard formula for renovation tax hikes.
so you are saying its possible that your taxes can go from $12,000 to $20,000 if you do things like make the garage into living spaces or make it a dormer?
Everyone should pay the same in my opinion. There’s no fair way. Some people have 6 kids packed into a house that has no permits so taxes are Low going to the district and some have 2. It should be how much is the budget ? How many structures taxes? Budget divided by x = payment.
I have a converted garage and I pay about a 1k more than my neighbors who have inground pools and I don’t have one.
If you currently have a 1300 sq/ft home and you want to add a dormer to make it 2000 sq/ft, of course it will be raised. You are increasing the size of the house, which increases the value of the house. The govt wants their share of what you have. The garage will be taxed. As mentioned above, leave the garage doors on and no one will know and the taxes will not go up.
There was an old house in Oyster Bay we were going to buy for $300K back in 2013. It was old and needed work and had a store front attached to the front that nearly went to the street. I would have removed that store front. There was no commercial property allowed in that area. The walls were made of tin. It needed a lot of work. I asked my friend that build houses if I should buy it, knock it down and build another house. He said that the current $6k taxes would most likely go up to about $25.000 due to being charged New Construction tax rates. Of course, you could leave up one wall and possibly get away with it.
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