Increased Property Taxes and Renovations

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.

Guest User | 8 years and 6 months ago

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conorl

in General Discussion 8 years and 6 months ago

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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!

oliver_nyc | 8 years and 6 months ago

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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.