Home Buying in Hoboken>Question Details

Junebug, Home Buyer in Hoboken, NJ

What are the tax ramifications of renovating a brownstone in Hoboken?

Asked by Junebug, Hoboken, NJ Thu Apr 3, 2008

Does gut renovating a row house (without adding any sq footage) mean higher taxes? If so, to what degree?

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Yes, it will mean substantially higher taxes. If the tax assessor determines that the value of the property will increase by 50%, then your taxes will rise in direct proportion. Your basically creating the equivalent of new construction, and while your taxes won't be quite as high as authentic new construction, they will be up there.
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