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Do you pay extra taxes for a finished basement?

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Dani00518
Gorgeous

Member since 5/05

2730 total posts

Name:
Danielle

Do you pay extra taxes for a finished basement?

How could I tell if I was? When we bought our house in Oct....the realtor considered our basement finishes which I don't at all.....half of it has old brown beat up paneling which is holding on by a thread....basically we use it for storage....anyway, our basement flooded the other day so now it has given us an excuse to finally rip it out.....I just want to make sure I'm not paying extra taxes for my brown panelingChat Icon

Posted 8/18/08 5:18 PM
 
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donegal419
St. Gerard, pray for us.

Member since 7/07

7650 total posts

Name:
K

Re: Do you pay extra taxes for a finished basement?

As far as I know, NO. As I understand it, your taxes only go up if you're adding ON to your house (i.e. deck, extension, etc.) they can't tax you on what you do on the inside of your house.

Posted 8/18/08 7:50 PM
 

cindy104
This is my "Baby"

Member since 6/08

1522 total posts

Name:
Cindy

Re: Do you pay extra taxes for a finished basement?

Posted by donegal419

As far as I know, NO. As I understand it, your taxes only go up if you're adding ON to your house (i.e. deck, extension, etc.) they can't tax you on what you do on the inside of your house.




This is what I've been told as well

Posted 8/18/08 9:19 PM
 

ave1024
I Took The Wrong Road

Member since 12/07

6146 total posts

Name:
That Led To The Wrong Tendencies

Re: Do you pay extra taxes for a finished basement?

If you are in Nassau you can look up how many square feet you are being taxed on. Then just do the math to see if the basement is included.

Posted 8/18/08 10:59 PM
 

EJCLJ01
LIF Infant

Member since 8/08

213 total posts

Name:

Re: Do you pay extra taxes for a finished basement?

Not quite sure, because a friend of mine added skylights and to thier house and this caused the taxes to go up. I imagine anything which increases the value of the house increases taxes.

Isn't that what the taxes are initially based on is the property value?

Posted 8/19/08 1:26 AM
 

Clear2Close
LIF Zygote

Member since 8/08

1 total post

Name:

Re: Do you pay extra taxes for a finished basement?

No, you do not at all. The only thing you would pay more taxes on is adding additional sq footage. a basement is not even calculated in sq footage, being it is below grade and not counted as living space

Message edited 8/19/2008 1:41:06 AM.

Posted 8/19/08 1:40 AM
 

Jenn1621
<3

Member since 5/05

1728 total posts

Name:

Re: Do you pay extra taxes for a finished basement?

I could be wrong but I was always under the impression that you could be taxed on having a finished basement as it is adding living space to your home by increasing the square footage. As I said I could be wrong as well and am curious to know. Then again, if one did happen to finish their basement how would the town even know to increase the taxes unless someone called them on you?

Posted 8/19/08 7:13 AM
 

LIMOMx2
...

Member since 5/05

24989 total posts

Name:

Re: Do you pay extra taxes for a finished basement?

In my town you do get taxed on finished basement. Especially if you have a bathroom in the basement. And here it is considered extra living space.

Message edited 8/19/2008 7:34:35 AM.

Posted 8/19/08 7:33 AM
 

GoldenRod
10 years on LIF!

Member since 11/06

26785 total posts

Name:
Shawn

Re: Do you pay extra taxes for a finished basement?

You are taxed on the overall value of the property, and the square footage of living space. Unfinished basements aren't living space, so you aren't taxed on them. (Legal) finished basements ARE taxed, at least in most towns, because it is additional living space. It's the same as adding a 2nd story, but going down instead of up.

I would definitely check with the town to see how much footage they are taxing you on, and if you are being taxed on the basement, ask how to get it taken off.

Posted 8/19/08 7:45 AM
 
 

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