Hi, I've been looking to add a balcony to the second floor of my parent's home. It would be large, around 8x8 and be situated over a driveway. I do understand a permit needs to be obtained for such a structure, but I was wondering if the house and property would be taxed at higher rates since the value of the property would probably be increased. Is there any estimation on how much more expensive this would be (we are located in Queens, NY)? Thanks for reading!
2007-08-02 06:12:09 · 7 answers · asked by daphusa 1 in Business & Finance ➔ Taxes ➔ United States
Of course the house and property would be taxed at a higher rate. No idea as to how much higher though, you'd have to find out roughly how much in value it would add, and what the tax rate is for you in Queens.
2007-08-02 06:15:58 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If the assessed value of the property is currently reasonable (i.e.- consistent with other comparable properties), the impact of the balcony should not be great. However, if your parent's property in substantially under assessed, they might get hit with a large increase when it is reasessed.
2007-08-02 07:00:40 · answer #2 · answered by r_kav 4 · 0⤊ 0⤋
Typically additions like this do not affect your tax rate as they are not changing the heated square footage of the house. This is a guess though because I don't live in Queens, NY. But usually the tax rate is only affected by the heated/cooled space. And if it does, it would be very small since the total square footage is very minimal.
2007-08-02 06:22:31 · answer #3 · answered by Scooter 2 · 0⤊ 1⤋
properly permit's see would have some thing to do with bridges and inspections necessary. the money ought to return from someplace. The Inspectors are not going to examine for loose. we can spend trillion of greenbacks on a conflict in a rustic which had no longer something to do with 9/11. Why will no longer be able to we fork over slightly additional money and function bridges inspected and fixed so what ensue final week does not ensue returned. with the help of ways I crammed up my automobile final week at my typical gasoline station and pay 2.35 cents a gallon.
2016-11-11 00:53:49 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Yes it probably would increase the property tax rate, but not that much...its only a small space that wouldnt add that much additional value to the property. I would check with your county assessor's office to be sure.
2007-08-02 06:19:13 · answer #5 · answered by handymanmike 5 · 0⤊ 1⤋
in most local governments, the permit will tip off the property assessor to add its value to the property. So, yes, taxes will go up.
The local property assessor [likely on the web] will have your parent's tax bill [it is a public record] and that'll tell you the tax rate that will apply.
:-)
2007-08-02 06:17:27 · answer #6 · answered by Spock (rhp) 7 · 0⤊ 0⤋
Not 100% positive, but I do not believe this would increase your taxes. I believe it has to be under roof (unless you plan on extending the roof to cover the balc). Even if it did you are only adding 64 sqft. Multiply that # by your local milage rate and it would only increase a few dollars.
2007-08-02 06:17:35 · answer #7 · answered by Anonymous · 0⤊ 2⤋