see we might be buying a mother daughter home which the taxes are about 4100 which is nuts but we want to abolish the mother suite and just make it a game room or another living room...we will get rid of the bathroom thats in there and the kitchen GONE...so will that affect our taxes? in other words is there a way to get those taxes down? Im not sure how its configured? its on an acre but there are bigger homes on 2 acres in other communites for only 3100 so we're thinking it the mother/daughter thing that jacked it up? not sure need help?
2007-09-06 07:00:19 · 7 answers · asked by toolate 3 in Business & Finance ➔ Renting & Real Estate
In the area I work it is determined by purchase price or assesed value. It's something like 1% of the amount.
2007-09-06 07:10:20 · answer #1 · answered by ♥ Emily ♥ 5 · 0⤊ 0⤋
Depends upon where you live, but most states have mandatory property value assessments set in particluar time frame. (every 3 years or 5 years) At that time, all property is evaluated, and a value assigned. Then taxes are determined from that. Usually you have a limited time frame to appeal your assessment, then the assessment remains in place until the next assessment. If the other communities are different tax jurisdiction, there tax rate has no bearing on yours.
If you are going to reconfigure the floor plan, but not reduce your total square footage, then the assessors office may claim there is no reduced value.
You need to determine the following:
1. What is house appraised for?
2. What % of market value is the appraisal set at in your jurisdiction. (Belive it or not, most cities and towns appraise at a % of market value lower than 100%. They do this to avoid being challenged. So if your city appraises at 70% of market value, and you are appraised for 70,000, then the city says your house is worth 100,000)
3. Compare the market value number to what you actually paid.
4. Call the city tax assessors office, and ask what the procedures are to dispute your assessment.
Also realize that many assessments are set up with bizaare caveats. Some places they add surcharges for fireplaces and pools. Some dont. Some allow credits for easements, and sometimes houses on busy streets are assessed lower than identical houses on cul de sacs.
2007-09-06 07:18:13 · answer #2 · answered by patrick 6 · 1⤊ 0⤋
Your county appraises your house and based on whatever the tax rate, calculates your property taxes. Typically the tax appraise value is less than the fair market value.
Removing a bathroom would really detract from the homes resell value. I'm not so sure it's smart to remove the second kitchen completely. It would be nice to have some kitchen facilities (sink, frig, counter, cupboard) in or near a game or family room.
Removing these things probably will not decrease you property tax liability. If anything, when you purchase the place the tax appraiser will probably increase the appraised value to the purchase price and your taxes will increase.
The good news is that property taxes are deductible on your itemized tax return.
2007-09-06 07:10:44 · answer #3 · answered by bdancer222 7 · 1⤊ 0⤋
Prop taxes are based on a % of market value. To figure your prop tax you need to know a couple of things. Mill rate, % of assement, and the market value of your house.
If the county says your house is worth $200,000 and they assess at 65% of market value and the mill rate is 21, then you would take 200,000 x 65% = 130,000 x 21 mills = 2730000/1000 = $2730 per year. Changing the mother suite to a game room would not lower your taxes. sorry
2007-09-06 07:12:49 · answer #4 · answered by Leo F 4 · 1⤊ 0⤋
Property taxes is determined by a certain percent of the cost of your house.
2007-09-06 07:04:39 · answer #5 · answered by Mrs Apple 6 · 0⤊ 0⤋
by the location and accessed value of the home
2007-09-06 07:07:11 · answer #6 · answered by Anonymous · 0⤊ 0⤋
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2007-09-09 23:06:09 · answer #7 · answered by Anonymous · 0⤊ 0⤋