Certificate of occupancy process

I have added an addition to my home. The architects have given me a PW-3 (potential enlargement form) to sign and have notarized. They have listed the total job cost as less than half of what it actually cost. I am not comfortable signing it. They say it just refers tot the shell and there are no ramifications. If I asked them to raise it, there would be additional taxes ( I think I should pay), but additionally I might be fined ? Can someone explain its use and what is normally done. Thank you/

dindy

in About Brooklyn 11 years and 3 months ago

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dindy | 11 years and 3 months ago

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Thank you. I really appreciate all this clarity.

jockdeboeraia | 11 years and 3 months ago

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They should be using the figures DOB requires for the type of construction you are doing. That is almost always much higher than what you are actually paying. It is all about raising the cost of the permit.

resident2 | 11 years and 3 months ago

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Your Real Estate taxes will be increased based on the improvement. And yes the department of finance does use the $ numbers filed on the permits and cost estimates from your architect and contractors filed with the buildings department. So do check the numbers and make sure they file them as low as possible. This has nothing to do with your capital bases costs for the IRS. Keep all your canceled checks and receipts for that.

daveinbedstuy | 11 years and 3 months ago

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What Jim Hill said.

dazednconfused2 | 11 years and 3 months ago

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The PW-3 is a Cost Affidavit. It has nothing to do with the fact that you’re enlarging, other than that it is an estimate of the fees related to the work. You’d file the same form if you were doing an interior renovation or a new building. The construction fees are used by the DOB to generate filing fees. I’ve never heard of the Dept of Finance using that number, but the DOB does nothing else with it. The reason your architect low-balled the number is that s/he is trying to save you money on your DOB filing fee. The DOB has a certain minimum amount of dollars per sq ft, dollars per plumbing fixture, etc, that they will accept, which is usually half or even less than half of what it would take for a mid to high-end job, which is anything done for an individual (as opposed to a cheap developer). This is done all the time, and I’ve never heard of a homeowner being fined. As far as the DOB goes, the only thing that can happen, and I have only seen it once, is if the number is too low, the DOB will tell the architect/expediter to raise it.

dindy | 11 years and 3 months ago

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Thank you. WHy would I be fined ? I also think, if I didn’t report it accurately I wouldn’t be able to subtract the improvements and therefor wold pay additional taxes for the capital gains ? (Probably my estate, I don’t plan on selling… after all this.)

Putnamdenizen | 11 years and 3 months ago

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The cost of renovations will be used to raise your annual real estate taxes.