Property Tax Reassessment After Adding Extension

You might want to look at http://www.beatingupwind.com/2013-01/do-you-know-anyone-who-finished-renos-in-2012\. It is an informed discussion about the tax impact on renos. Their situation may differ from yours since they, I think, changed Tax Class in the process. Bottom line: lots of horror stories (at least in Harlem) about the full value of the work being tacked onto the market value which then feeds into assessed value and taxes going up by multiples. As eme said, those improvements are not capped. If improvements are not added when the building is a legal 1 – 3 family (and presumably not changing tax class) that is indeed great news.

housepoor

in Insulation 12 years and 2 months ago

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mag | 12 years and 2 months ago

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We are very tempted to put an extension to the back of our building, two floors (small brownstone, not landmarked). Of course we would use only a licensed contractor, architect to draw up the plans, and file. We have heard horror stories of homes being reassessed by the City after such work, only to have property taxes jump thousands of dollars. What is the procedure when NYC reasseses the property?

eme1million | 12 years and 2 months ago

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Your home is taxed on the basis of its assessed value – not market value.  In New York, there is a cap on the amount your assessed value can increase each year – thus a one million dollar home can have an assessed value of only $20,000.  When you file a renovation job with the DOB, that new value gets added and is not capped.   This is another of the many incentives for homeowners to not file for building permits.

snowman2 | 12 years and 2 months ago

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They can increase your taxes at any time, however, there has been an unwritten policy that they do not reassess after construction if the building is a legal 1-3 family.  I added a 2 story addition to the back of my 2 family brownstone about 8 years ago with no reassessment.