BEST ANSWER
Dee: I'm not sure where you got the square footage figure that does not include the addition. Quite often the public record available to the real estate community through their MLS does not contain ANY square footage at all! Even if the addition was properly registered and inspected and approved by the building department, the tax department my have no idea of the change. Communication of the change may have been missed between departments.
You have two hazards here that I can think of:
First, (and the biggest HAZARD,) if the addition were not properly approved, the building department could demand expensive opening of walls, etc. to see the underlying construction. If the whole addition is so far off code or zoning laws, they could demand that the whole thing be demolished. OUCH!
The second thing is that even if the building department approved the construction, you may find the tax assessor has not revalued the property and that may not come to their notice until the next general assessment. It may even be missed at that time. Nevertheless, there are also spot assessments allowed in this state and, if the tax department notes that your sale price exceeds the values in the neighborhood or the whole neighborhood seem to be appreciating faster than the rest of the municipality, you may find that, because of one thing or another, you have higher property taxes than you anticipated. As long as the tax is fair and you are in the position to pay any increase, this may not be a big deal for you. Otherwise, beware.
If the tax assessment is proper, and changed when the addition was completed, you might find that the sq. ft in the record simply didn't get updated.
Bottom line: This is something that you need to get to the bottom of.
Good Luck.
Sun Dec 7 2008, 06:12