Tuesday, October 25, 2022

Will Building a Garage Increase Your Property Taxes?

 

Garages can provide several benefits to homeowners, including convenient vehicle storage, additional living space, and added protection from weather elements such as rain, snow, sun, and wind. However, suppose you're considering building a garage on your property. In that case, it's important to understand how this structure might affect the overall value of your home and how that might affect your property taxes.

Here are some facts to consider regarding whether building a garage will increase your property taxes on Long Island.

Will a Garage Add Value to Your Home?

Not only can building a garage increase the curb appeal of your home, but it can also add value. The addition of a garage can make your property more livable by providing an out-of-the-sun, dry and secure place to store your car and other items. This is why having a garage can also help with resale value — resulting in increased taxes.

What Are Your Town's Regulations?

This question often arises when homeowners are looking to build a garage. Both Nassau County and Suffolk County have certain requirements to meet to begin the building process, let alone how much it will add to your property taxes.

There are other criteria to be aware of, and regulations differ from town to town, so make sure you talk to your town's building department before moving forward with any plans.

So, Will Building a Garage Increase Your Property Taxes?

According to the New York State Tax Department, any additions or improvements to your property will increase its assessed value. For example, if you are building a garage, the assessed value of your property will be updated to reflect the addition. So, unfortunately, the answer is yes.
 

How to Limit The Increase in Taxes as Much as Possible

There are little things to consider when building your garage that might affect how much is increased in your property taxes. Things like avoiding certain materials, keeping it from becoming a living space, the timing of the construction project, and other possible exemptions. Do your research if you'd like to avoid heavy tax burdens!

Not only that, but you also can turn to our team here at P.T.R.C., Inc. to help!
 

Ready to Save Money?

You count on one of the leaders in property tax challenges! For decades, Property Tax Reduction Consultants on Long Island has strived to minimize clients’ property tax assessment with personalized service. Customer service is our number one priority.

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