Home Purchase property tax question- need advice asap

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Faisal
Posts: 92
Joined: Sun Dec 18, 2016 6:37 pm

Home Purchase property tax question- need advice asap

Post by Faisal » Tue Jul 24, 2018 11:25 pm

We are looking to purchase a home and have been going over stuff with lawyers etc. The home has 3 bathrooms, 1 was added later and based on what I can tell of the documents provided by the lawyer, there is no certificate of occupancy for the 3rd bathroom.

In that case, I am assuming the town doesn't know about the 3rd bathroom and thus the existing property tax does not include the third bathroom. I am assuming when we buy the place there will be a reassessment or the bank will require a certificate of occupancy. In that case I am assuming my property tax would go up?

Any and all information on this matter would be greatly appreciated. We already feel the taxes are high. When we first looked at the place the taxes were listed at 12500. Now it turns out for 2018 they are 15k. If that 15k doesn't include the third bathroom and we would get hit with more property taxes I am inclined to pull out before we sign the contract.

So any and all advice would be greatly appreciated.

Sandi_k
Posts: 1118
Joined: Sat May 16, 2015 11:55 am
Location: SF Bay Area

Re: Home Purchase property tax question- need advice asap

Post by Sandi_k » Tue Jul 24, 2018 11:50 pm

What state are you in? County?

FWIW, we had a house in California that the county swore was 2 bedrooms. The house was built in 1923, with *3* bedrooms. When we bought it in 1992, it was advertised as 3 bedrooms, we could see it was 3 bedrooms, and we bought it. No adjustment was ever made - and we did additional improvements, with permits, that required inspectors to be in the house.

The house we now own had a third bath added downstairs, off the basement; county shows 2 baths. No reassessment or change in taxation post-purchase, either.

Topic Author
Faisal
Posts: 92
Joined: Sun Dec 18, 2016 6:37 pm

Re: Home Purchase property tax question- need advice asap

Post by Faisal » Tue Jul 24, 2018 11:57 pm

New York and Westchester County. The town we are looking at just moved to a 100% value tax system so from my limited understanding (first time home buyer) they will reassess the home at time of sale for taxes.

pshonore
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Joined: Sun Jun 28, 2009 2:21 pm

Re: Home Purchase property tax question- need advice asap

Post by pshonore » Wed Jul 25, 2018 8:23 am

Connecticut - Houses are reassessed every five years. Every other reassessment requires a physical inspection walkaround (so every 10 years). If a new bathroom, Central air, deck, etc. is found for, your value will increase by the cost of the improvement. You are not required to let the assessor in your house but then you cannot contest his findings. There's a thread going on that right now.

MrsBDG
Posts: 148
Joined: Thu Apr 13, 2017 4:04 pm

Re: Home Purchase property tax question- need advice asap

Post by MrsBDG » Wed Jul 25, 2018 5:20 pm

In our state they do not appear to count bathrooms and bedrooms below grade, including when a septic is being sized, so it would be normal for, say, a two bedroom on the main floor and two below grade to be listed for RE as 4 bedroom, but for taxes as 2 bedroom.

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