Taxes and renovation

Does anyone have any real world data on renovation and what it will add to your assessed value after the fact. Is it true if your renovation is 200k on dob filing that the assessed value would increase by 200k x 6% or will the assessed value increase by the amount of the renovation. This assumes that the capped assessed value is lower than the mkt value x 6%. Thx

fraserlucas

in About Brooklyn 9 years and 5 months ago

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fraserlucas | 9 years and 5 months ago

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its hard to get any real data on this I agree slopegirl

vicki.musso | 9 years and 5 months ago

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There are many ways of doing home renovations so as to minimize your taxes.

slopegirl | 9 years and 5 months ago

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Curious if anyone has dollar amounts they would share of where taxes were before Reno and the new bill after. Been wondering the same thing. We have a 3 fam thinking of turning into 2 fam or a one.

fraserlucas | 9 years and 5 months ago

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thank you for the responses super helpful.

oliver_nyc | 9 years and 5 months ago

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we bought our place (also class 1) at completion of an extensive renovation. the next year, our notice of property value showed an increase in the assessed value of 6% of the renovation cost as filed with the DOB. at the time that was an over 35% increase in the assessed value year-over-year. as part of the renovation the CofO was changed from three family to single family (not sure if that factors in.) our notice of property value also very clearly stated that Finance increased the property value because of the renovation and that because of this the “6% annual cap” did not apply. hope this helps.

fraserlucas | 9 years and 5 months ago

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Thanks snowman. C of o was changed years ago and saw a huge taxes jump. Worried it would happen again. It’s a class 1

snowman2 | 9 years and 5 months ago

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Changing the C of O to more than 2 family (or more than 3, I forget which) will trigger a big tax increase. Anything else is ignored by the assessment for real estate tax purposes. You would be shocked at the wide variety of conditions that they view as equivalent value. Where it will cost you more is if it is filed with the building dept – the fee you pay is dependent on the value of the renovation. It’s a one-time charge and not enough to make you change your renovation plans.