Thursday, February 25, 2021

Can Renovations and Home Additions Affect My Property Taxes?

 


When it comes to embarking on a new renovation project, future tax bills are usually not the first thing homeowners think about. However, remodels and renovations can significantly increase your home's value, which eventually may increase the amount at which it is assessed. To make a long story short, estimated value leads right to your property taxes. Here's what to consider before starting that new project:

Additions to Your Home

If you're adding a new room to your home or increasing a space you already have, it's more than likely that you'll see an increase in your next property tax bill. This is because once your house's square footage becomes more extensive, the assessed value will also increase. Even something as simple as adding an HVAC system throughout different rooms can cause square footage to change.
 

Big Renovation Projects

Say you want to expand your home and add an entirely new room or section to it, you can be sure to see the numbers go up in your property taxes! Not only that, but you will probably need to check with your town to ensure that every code meets their particular requirements. Extensions and home renovations are a tricky process, so be prepared to do additional research.

Upgrades and Improvements

Sometimes even the little things, such as adding a garden to your yard or building a shed, can cause your assessed value to surge. They might not seem like noticeable improvements, and keep in mind these won't always bump up your value. However, something that is sure to cause your property taxes to increase would be adding a pool or large deck. These are easier to spot, thus adding more value to your property.
 

Property Tax Reduction on Long Island

Here at P.T.R.C., Inc., we are determined to help our clients pay the lowest amount of property tax as required by law. Contact us today to see how we can help you: info@ptrc.com

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