The city sent me a letter. They want to reassess my house since the contractors finished with the basement.
This is a dilemma. Approx $10K went in, but in the process, the contractors had to totally demolish the finish in the basement. The electrician was not allowed to reestablish all outlets under the agreement, the 1/2 bath is essentially no longer enclosed, so there was a reduction in the value of the basement, while at the same time it was strengthened.
I'm afraid of my taxes going up.
What do you all think? Should I let the city reassess my house?
You have a choice? We all got reassessed in my city/county this year. In a year where ALL housing values have gone down, they are saying mine went UP. We are talking WAY up. I am disputing.
My experience is that the accessor's office won't care about the details. We finished off a bedroom that was unfinished when the house was built. They came out to measure a new garage that we just finished and noticed that there were curtains and stuff in the room marked unfinished. All they did was ask for the dimensions of the room so they could update the square footage on the records. Never asked for costs, or any other details covering the room. And yes, the taxes did increase due to the update square footage.
Also, like missjane said, most localities have an appeal process if you disagree. Luckily, I know a few appraisers who could advise me.
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You have a choice? We all got reassessed in my city/county this year. In a year where ALL housing values have gone down, they are saying mine went UP. We are talking WAY up. I am disputing.
Well, in this case, the choice is to let them in to assess or they do an estimated assessment from an external view.
Well, in this case, the choice is to let them in to assess or they do an estimated assessment from an external view.
If you don't let them in to look at the actually work done, they will base the "quality/value" on their appraisal of the external. aka if your house looks expensive on the outside, they will assume it looks expensive on the inside
The assessment could end up benefiting you. I don't think tax assessors tend to look too much at structural issues beyond the very obvious. If you can convince them that your formerly finished basement is now unfinished square footage, along with the downturn in the market, it may reduce the assessed value and as a result, your taxes.
Like everyone else said, it depends. If you house looks shitty on the outside, it could benefit you tax-wise. If you think your inside work will drive up your value, don't let them in.
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