Remodel & Renovate in 01748>Question Details

jamieredsox22, Other/Just Looking in 01748

I have a 955 square foot property on .92 acres that is family owned. We want to take down the original home and put up a 2200 square foot home.

Asked by jamieredsox22, 01748 Thu Nov 29, 2012

We are looking to find out what the estimated property taxes would be on the property with the new home. How do we calculate or budget for this?

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Answers

7
The town assessors office will be able to help.

And,I would contact a local real estate professional to save time and money.


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0 votes Thank Flag Link Thu Dec 12, 2013
Jamie,
Also extremely important, contact your town's building inspectors office regarding rebuilding on the site. You will need to look into the rules, regs of building footprint, existing structure, foundation pre-existing, BEFORE you do anything to your existing property.
Best of Luck,
Joyce
0 votes Thank Flag Link Fri Nov 30, 2012
Hi Jamie,
The simple rough estimate of real estate taxes due for your new home will be to take the town of Hopkinton's current tax rate x the estimated value for your new home. You could get that answer by going to your town hall assessors office, look up recent sales of houses like the one you will build in similar neighborhood and use those assessed values to plug into the formula:
town's tax rate x extimate of similar houses value = your estimated tax rate.
Hope this is helpful! You can contact me: http://www.joycekelleyhomes.com
Best of luck with your plans,
Joyce
0 votes Thank Flag Link Fri Nov 30, 2012
I think Peter has given you a good idea.

Just make sure you can justify the cost, as well as understanding the permitting process. If it is a conforming lot it is a relatively easy process. If it is non conforming and require variances then it can become quite a bit more involved.
0 votes Thank Flag Link Fri Nov 30, 2012
It may be cheaper to just buy the home you want and sell the land and existing home than a total rebuild. It is something you have to consider.
0 votes Thank Flag Link Fri Nov 30, 2012
Peter's answer to the question is spot on!
0 votes Thank Flag Link Fri Nov 30, 2012
With 2200 square feet in Hopkinton and average finishes I would say your assessed value should be in the range of $450,000-$500,000. If you take those figures and multiply it by the 2013 tax rate which is $17.32/$1000 you would have an estimated yearly tax bill between $7,794 - $8,660.

Peter Edwards
Hayden Rowe Properties
http://www.hrpre.com
0 votes Thank Flag Link Thu Nov 29, 2012
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