Tax increase from renovations?
Does anyone know if Dept. of Finance is still reviewing work permits filed with DOB for the purpose of increasing property taxes on renovated properties (the renovations releasing them from the usual caps on annual increases)? There was an article in the Times about this a few years ago, and I’m wondering if people have…
Does anyone know if Dept. of Finance is still reviewing work permits filed with DOB for the purpose of increasing property taxes on renovated properties (the renovations releasing them from the usual caps on annual increases)? There was an article in the Times about this a few years ago, and I’m wondering if people have experienced this or heard of it happening more recently. And, does anyone know when in the process they generally nab the homeowner? (i.e. after the job is closed out?)
The assessed value of your property goes up by the exact estimated cost of construction that your architect or expediter indicates on the applications that are submitted to the DOB. It’s a completely erroneous way to handle property value, but that is how the DOF works. The assessed value goes up upon issuance of the permit(s) against the approved application(s).
Hope this helps.
Mila Goldman Moore
MGM Architectural Consulting
mila@mgmarch.com
my taxes went up about $200/year after my
renovation. It’s a 2-family, so only the
value of the improvmenent is added immedetely.
I agree that I think they came up with the
value based on the numbers in the paperwork filed.
btw, it was an alt-1 that had a new c-of-o.
In 2005 to 2006, I renovated my brownstone and changed it from a 3 to a 2 family. Before I filed for a C of O, I received my 2007 tentative assessment which added 85k to the value of the house for the renovations. I think they arrived at this figure from what my architect put on the building dept. permit applications. I did not ask questions because I don’t want it to go up any more.
two years ago when we did our work, a city representative made an appointment to come by and asked the cost of the work. For tax purposes, the value of the house then increased by the amount of the project costs.
I thought it was transfering the property from one owner to another.
that’s my understanding too but also no expert
I thought the triggering event was when you get your new C of O but am not an expert.