Remodel & Renovate in 11418>Question Details

Jph, Home Buyer in 11385

If I finish my basement , will my property taxes increase? I live in Queens, NY.

Asked by Jph, 11385 Wed Nov 11, 2009

I am considering finishing my basement. I have heard however that the added living space will increase my property taxes. I have also heard others say that only the above ground area counts in the appraisal. Who is correct?

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Answers

3
When you finish the basement it costs money yes? You have to get a building permit yes? They like your money yes? Want to bet they will increase your taxes? I would. You have increased the value of the place. As such the taxes should also go up.

Taxes are based on the whole property valuation. This is an addition that would increase your properties value. It is possible you could add this and your taxes go down. But that is only because you have declining house value and taxes do not keep going up. I would not count on it.
1 vote Thank Flag Link Wed Nov 11, 2009
Most of the time it goes by added square footage, since your basement is already there, I wouldn't think it would raise your taxes.

Most of the time basements don't count as square footage anyway.
1 vote Thank Flag Link Wed Nov 11, 2009
Yes, your taxes will more than likely go up--don't forget you do need permits, especially if adding a new bathroom.
0 votes Thank Flag Link Sun Dec 13, 2009
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