Increased Property Taxes and Renovations

Hi. Does anyone have any experience with a Alt 1 or Alt 2 renovation where taxes have increased significantly? My taxes currently are about $4800 and I hear stories about tax assessments being reset to FV (rather than effective fair value) and then taxes spiking above $20K.

I have been doing some research by comparing property taxes for Alt 1 renovations before and after sign off (and ensuring enough time passed to be re-assessed). Conclusion is that, at worst, any increase is confined to the amount spent on the renovation.

Does that make sense? I hope so!

conorl

in General Discussion 8 years and 6 months ago

2

Please log in, in order to post replies!

2 replies

Newest Oldest

Guest User | 8 years and 6 months ago

string(1) "3"
string(6) "197541"

Hi Oliver. Thanks for taking the time to comment. I own the house with atlantamac. That’s really helpful and your experience is in-line with other cases we are seeing. We’ve read some horror stories about homeowners who – having triggered the 6% cap removal due to renovation – have seen their taxes increase 5-fold. Grateful to hear from anybody else.

oliver_nyc | 8 years and 6 months ago

string(1) "1"
object(WP_User)#5017 (8) {
  ["data"]=>
  object(stdClass)#5049 (12) {
    ["ID"]=>
    string(6) "176927"
    ["user_login"]=>
    string(10) "oliver_nyc"
    ["user_pass"]=>
    string(34) "$P$BAj6V6hbhqgLOGb0BlP9QwM.usl1T7/"
    ["user_nicename"]=>
    string(10) "oliver_nyc"
    ["user_email"]=>
    string(21) "oliver@chillpoint.com"
    ["user_url"]=>
    string(25) "/forums/users/oliver_nyc/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:16:45"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(10) "oliver_nyc"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(176927)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

we bought our house shortly after a ~$300K renovation (as per cost affidavit) from filing. our assessed value increased by around $19K. the most important thing to note is that any renovation removes the 6% annual (20% over five years) cap on assessed value. our annual taxes went from ~$9K to ~$12K. hope this helps.