How much higher did you taxes go after you finished your basement? - Page 2 - AVS Forum
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post #31 of 44 Old 02-22-2011, 08:03 PM
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Quote:
Originally Posted by tony123 View Post

Boy, you guys really pay some taxes.... I'm in a 340k house on 3 acres and pay $1200.

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Originally Posted by mekkerl View Post

Must be nice -- I'm in a $160k (town assessed value) house on 1.5 acres and my taxes are $5,800!!

Gotta Love New York State!

I live in probably the lamest state I've ever lived in and my taxes are ridiculous. For a 191k house (2,400 sq/ft w/o finished basement), I pay nearly $5k in taxes. My parents own two houses in two different states with the cheapest worth quite a bit more than mine and the other 6x more than the cheaper and they pay less for the both than I do for my one house on a 1/4 acre lot in a damn cornfield.


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Originally Posted by longtimelurker View Post

final inspection = phone call to inspector "you finished that work?" Ok good, "you passed."

Truth!

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post #32 of 44 Old 02-23-2011, 06:24 AM
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My taxes went up a smidge, but it's hard to tell just how much the finish basement affected the final number. Fairfax County constantly changes the assessment value (lower in recent years), but increases the tax rate so that the net effect it to keep the overall bill about the same.

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post #33 of 44 Old 02-23-2011, 06:37 AM
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20% or so.

1800 sq ft main; 1350 finished basement....around 4000 and 4800 respectively.

Little over a 1/3 of an acre, Iowa; house is county assessed at 340K
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post #34 of 44 Old 02-23-2011, 09:15 AM
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From 1.75 years ago re-fi I did and asked Q's related to value of work vs cost of work, etc.

Simply, if you look at the ROI of a Home Theatre/Full basement finishing job...most of us would not do it.


http://www.avsforum.com/avs-vb/showt...5#post16333515
Quote:


Well;

It took a while but finally the re-fi is proceeding!

First appraisal was low, way low, the person did not do a good job with the comps since I have a Log home.
2nd appraisal was "fair" IMO, considering the meltdown of homes.

Sharing here:
Livingston County Brighton/Hartland/Howell Michigan area:
My basement total finished space: 1,584 sq feet
# rooms: 4 + full bath.
-Big rec room
-Big 4th bedroom with closet
-Craft room with cork flooring
-HT room

Appraised value:
-extra $5k for full walkout basement (dual french doors) + 3 windows
-extra $2k for full bathroom
-extra $12k for finishing the basement

If not finished then just the $5k for the full walkout would still apply.

So, $14k added value for all the work done, if you look at it strictly from business viewpoint does NOT make cost vs value sense.

$14k/1,584 sq ft = $7.58/sq ft appraised value.

I was expecting a little more for the finishing the basement value, around $25k was my guess, oh well.
I'd still finish the basement again, it adds extra living space, a place for parents/inlaws to sleep, and of course the HT is why we are all here @ AVSforum.com !

Nothing for any of the built-in HT extras either!

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post #35 of 44 Old 02-23-2011, 12:29 PM
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requiring licensed people to do work has been challenged and struck down in many jurisdictions....many places now "allow" (WTF? its your house!) the homeowner to do their own work, you just cant do it on a friends house, etc.

in a city near me you used to be literally required to call an electrician to change a light switch according to metro-code...lol...jokers.


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Originally Posted by kcr6419 View Post

Forgot to mentions that some places require licensed contractors for all work, some require it for electrical and plumbing, some require you to take a test for electrial and plumbing if you want to do the work yourself and others allow you to do all the work yourself.

Down here, you can do all the work yourself on your own house with a permit provided you live in it for 2 years after completing the work. You can also do work on your own house without a permit if the total job cost is under $500.

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post #36 of 44 Old 02-23-2011, 01:15 PM
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Quote:
Originally Posted by longtimelurker View Post

requiring licensed people to do work has been challenged and struck down in many jurisdictions....many places now "allow" (WTF? its your house!) the homeowner to do their own work, you just cant do it on a friends house, etc.

in a city near me you used to be literally required to call an electrician to change a light switch according to metro-code...lol...jokers.

Try doing a trade show in Chicago sometime. They require you hire an electrician to plug your lights and equipment into the provided power strip and a food service worker to drop by and refill your candy dish! Also require a teamster to haul your gear to the booth and to stand by while you erect it.
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post #37 of 44 Old 02-23-2011, 01:22 PM
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My taxes have gone up, but not due to my basement finishing.

Our assessment has been dropping (even after getting final sign-off on the basement) each year, but our tax rates have just continued to increase. It's funny how we pay more in taxes now with a much lower assessment than when we moved in.
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post #38 of 44 Old 02-23-2011, 01:30 PM
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My taxes are already up enough. $12K for 0.17 acres. Painful New York, just painful.

The Esquire Theater Construction Thread:
http://www.avsforum.com/avs-vb/showthread.php?t=1289590
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post #39 of 44 Old 02-23-2011, 01:34 PM
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Quote:
Originally Posted by longtimelurker View Post

in a city near me you used to be literally required to call an electrician to change a light switch according to metro-code...lol...jokers.

Well still in most areas, by the book, you are supposed to pull a permit to replace a light switch or receptacle. Oh that's probably at least $50 in fees!

Yeah, just try and enforce that!

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post #40 of 44 Old 02-23-2011, 08:09 PM
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I think you are missing my point. In my area, no one would have any paper trail to prove if the work was "shady" or not. If the house burnt down, I don't see how they could prove anything one way or the other in a majority of cases, and if they refused to cover damages they would at the very least have a potential PR mess.

And then we are back to how can the insurance companies treat the customers on an unlevel playing field.

Quote:
Originally Posted by ack_bk View Post

We all know that people don't always pull permits and I would venture to say the vast majority of the time there are no issues with not pulling permits. If you know what you are doing and do the work to code, I would not worry too much. But there are lots of people out there (some of them claim to be general contractors and are unlicensed) that do shady work to make a quick buck and cut corners that are very dangerous. Why should an insurance company payout when someone hires somebody under the table to do work that is not to code and was not inspected and the result is major damage/loss?

I don't think everybody understands "rural". My subdivision has houses as close together as any subdivision you would find in a large city. Even when they started enforcing some distances between structures with zoning a few years back (nowhere near 150ft and we didn't even have zoning until the 21st century), they've allowed certain residential areas to have houses literally feet apart. With the already mentioned lack of code enforcement included in your purchase. . . and nobody is paying weird premiums on insurance here or having to have goofy riders. And surely no insurance companies refusing coverage that I know of.

Quote:
Originally Posted by longtimelurker View Post

it really comes down to the permit in my opinion....a well documented, well drawn permit generally speaks to the quality of the finished product. Applying for a permit with foundation plans, framing/wall plan, hvac plan, electrical fixture plan (including smokes), plumbing plan....and they are not going to bother you further. You walk in with a room scribbled on a piece of loose leaf paper and they will likely be giving you special attention during the build.

The process/system is flawed, but to play devils advocate, i would RATHER HAVE the permitting process in highly populated areas (reference Mrs. Oleary's Cow)....but in rural areas or if some basic distance is met (150ft from any other house/structure?) then the permitting process should be waived (as you are only going to hurt yourself in that case).


Matt
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post #41 of 44 Old 03-02-2013, 12:17 PM
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I am with you. My assessment is 385,00 and my property taxes are $10,600 per year. Of course I live right next to Rockford, IL. Anyone notice that it was the number 3 worst city to live in from the Forbes survey a couple of days ago? In the city of Rockford itself property taxes are even higher. Property taxes are calculated like this: Take 1/3 of assessed value then multiply by .11. Yes, 11%. So for a $150,000 house the property taxes are 50,000*.11=$5500. Unreal. Oh yes, this is on 1/3 of an acre. Even the city of Chicago is much less.
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post #42 of 44 Old 03-02-2013, 12:23 PM
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Out of curiosity, do we have a record for the oldest thread revived by a first time poster smile.gif

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post #43 of 44 Old 03-02-2013, 01:24 PM
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This one from 08, brought up recently, deserves honorable mention, It is always first time posters.

http://www.avsforum.com/t/1065673/access-clearance-needed-for-furnace/0_40
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post #44 of 44 Old 03-02-2013, 01:38 PM
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LOL smile.gif Good times, for sure!

Dude, are you made of leprechauns? Cause that was awesome!

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