Any way to calculate tax increases prior to a major addition/renovation?

We are looking at building an extension to our building (a 6 family) which would add approx 2000 sq ft of space. Our taxes are really low and I was just trying to figure out if there is any way/person/city office who might be able to help us ballpark what our taxes might be raised to after the addition is built? I know they will obviously go up, but wondering if it is a few thousand up or tens of thousands up since the city will get its chance to re-evaiuate our property. I’ve heard some horror stories of insane tax increases so just want to go into this being prepared with a ballpark number. Any advice welcome- especially from those who have done this and can provide some actual numbers of what their increase was.

stickerhappy

in Roofers 11 years and 8 months ago

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ventilated | 11 years and 8 months ago

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There are lawyers who specialize in this area. Google “property tax attorney nyc.” Better yet, ask your lawyer for a referral. The situation in that NYT article is different than yours. You can read it at: http://www.nytimes.com/2005/02/20/realestate/20cov.html

snowman2 | 11 years and 8 months ago

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There was an article in the NYT about this a couple of years ago in Harlem and it was very enlightening. The magic number is 4 (or more) family building. It guarantees a huge tax increase as the entire building is reassessed, not just the addition. Although they have the right to reassess all buildings with additions, NYC chooses to ignore less than 4 family building with additions for tax purposes. Try to find that article. It should have clues to where you need to go to get info.