if I buy land with nothing on it, then build a house on it, does it get reappraised for taxes IF I keep it myself to live on? Also, lets say I sold it WHILE the house was being built, is it appraised as having half a house on it?
2006-06-22 10:49:55 · 6 answers · asked by kevbeer2003 4 in Business & Finance ➔ Renting & Real Estate
thats freaking BS...
2006-06-22 11:00:19 · update #1
The property is re-appraised based on the permits that get pulled as the final inspections are made and signed off. So, let's say you buy some land and just put in your sewer and utility lines...you need a permit for those...you will then get re-appraised based on the land now having those features. If you sell while the house is being built, it will be appraised at the value based on completed permits and work. It will then be re-appraised when all the work is done.
Throughout, the property owner will receive notices from the county assessor's office advising of the current appraised value and the new taxes that will be due. You do have the option to appeal if you do not feel the appraisal is correct.
2006-06-22 10:58:26 · answer #1 · answered by Elise M 2 · 0⤊ 0⤋
Your land will be appraised both after it is sold and after the house is finished and the value adjusted accordingly. Before the house is completed, its value reflects the land only for property tax purposes. After it is built, your property taxes will go up for the following year.
Your capital gains will simply reflect the profit you made. Cost of the land + cost of building the house vs what you got for it. You absolutely need the help of an accountant for this or you will end up paying waaaay too much in taxes.
2006-06-22 10:58:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Most likely, you will have to get a building permit, and that will get the tax district looking at you and when you finish the house. They will do a new appraisal with the improvements. If you sell the house before it's finished, the buyer will have to worry about the improvements.
2006-06-22 10:56:59 · answer #3 · answered by marce73678 1 · 1⤊ 0⤋
with the blueprints, cost of land, area it's built. it will be given an estimated appraisal. while it's being built they can use this information should you decide to sell it. You should contact an estimator and they should be able to give you a ballpark figure to go with.
2006-06-22 11:10:13 · answer #4 · answered by Thank You..Come Again 2 · 0⤊ 0⤋
Yes, and yes, it would be appraised on the value of improvements to the property.
2006-06-22 10:55:31 · answer #5 · answered by DollyLama 5 · 0⤊ 0⤋
it would be appraised for taxes.
Sold while being built? not sure ask a Realtor
2006-06-22 10:54:49 · answer #6 · answered by kcracer1 5 · 0⤊ 0⤋