Original post made
on Jan 9, 2013
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Very nice, warm interior.
Two simple questions: how many permits/inspections were required, and what were the tax consequences? Someday a remodel is on my horizon.
Last time I remodeled, we got a bill from the tax assesor's office for an increase in property tax only TWO WEEKS after the project was finished!
That was over ten years ago. We are remodeling the kitchen and baths again, but not the exterior this time, and I am dreading the bill already. Last time it was a 30% increase, although according to real estate agents, it did NOT increase the value of our house much at all.
If you have all of your ducks in a row, you should only need one permit. The catch is that there will be various city departments involved in approving your plans --- all depends upon what work you're planning to do.
And the number of inspections is first determined by the extent of the work you're going to do. If you are planning to expand the square footage of your home, then there are going to be at least 2 additional inspections for the concrete forms, re-bar, setbacks, etc. There are also inspections for electrical (which will be more than once if you're changing your service panel), framing, sheet rock, etc. In other words, the number of inspections cannot be predicted without knowing the full scope of your project.
The value of your project as submitted when you fill out your permit paperwork is what will be communicated to the tax assessor's office.
Thank you Crescent Park Dad. No firm plans yet. Just mulling the possibilities. Gotta sell eventually, and probably better to fix it up rather than sell it as a fixer-upper. And I may as well fix it up sooner rather than later, so that I can live in a nicer place for awhile. Or maybe it's just a tear-down.
@Remodeler, I can see a large tax increase for a small value increase. If you did a $30k job on a $1M house, but you bought so long ago that the the assessed value was only $100k, your new assessment jumps to $130k, a 30% increase, even though you added only 3% to the market price. I think that's the way it works, but don't really know.