and also reduce my yearly taxes? The previous owners had torn down a wall on the 1st floor to make a front to back living room, which reduced the amount of bedrooms from 3 to 2 (which is fine with me). I'm wondering if this is going to reduce the tax rate?
2007-07-10 08:31:30 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
This will reduce the value at which the home is assessed as far as a real estate appraisal will go. Depending on the general structure of homes in your area, it may also make it a little harder to find truly "comparable" homes for appraisal purposes.
Property taxes are generally based on the square footage of the home, which hasn't changed. However some counties are beginning to use actual real estate appraisal for property tax purposes, but these are few and far between and scattered across all 50 states, so odds are your taxes are based on square footage.
2007-07-10 09:39:04 · answer #1 · answered by Ari 3 · 0⤊ 0⤋
It depends on how your tax assessments are set up. If it is based on square footage, no, your taxes won't change. If it is based on assess value (and most are), your home to be has gone down in value and you can contest the taxable assessment rate.
Most home buyers want a minimum of 3 bedrooms, making a two bedroom appraise (or assess) at a lower rate.
2007-07-10 13:24:09 · answer #2 · answered by godged 7 · 0⤊ 0⤋
I don't think that it will affect your property taxes since the square footage didn't change.
However, if the previous owners did not get a permit to turn the home from a 3bdr to a 2bdr. You might find yourself with some code violations if they did it illegally. This will affect your assessment and resale value.
2007-07-10 10:26:59 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Assessment value is based on total square footage. They don't care if you tear down all walls. You still have the same amount of space you are paying on. So no it will not be less. It could even be a home improvement so If I were you I wouldn't push any buttons.
2007-07-10 08:38:01 · answer #4 · answered by New Nana 4 · 0⤊ 0⤋
Probably not, since most tax assessors a square footage/condition/amenities formule to determine valuation.
You MAY end up selling for less in the future due to having only two bedrooms, but I suspect it won't change your property tax assessment much, if at all.
2007-07-10 08:35:40 · answer #5 · answered by acermill 7 · 0⤊ 0⤋
sure, it reduces the value. i might in easy terms do it if I deliberate on living there for an exceedingly long term. i might do it for my own amusement. i discover it stressful to have confidence that your place measures in easy terms 900 sq. ft and has 3 bedrooms. they ought to be tiny. Are you including the sq. pictures of the basement living area into your determine? in case you ought to sell your area, very few people may even worry to look at a 2 mattress room domicile. Who might choose that? you're restricting your self.
2016-12-10 08:01:32 · answer #6 · answered by ? 4 · 0⤊ 0⤋
It's not likely change the tax rate, but it will make it harder to sell (generally) than a 3 bedroom house.
2007-07-10 08:37:48 · answer #7 · answered by J P 4 · 0⤊ 0⤋
ALthough it might reduce the resale factor of your home it will do nothing for your taxes.
2007-07-10 08:44:13 · answer #8 · answered by Pengy 7 · 0⤊ 0⤋