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  #4  
Old 09-03-2007, 05:39 PM
rick++
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Default Re: Will remodling my home increase my property taxes?

This comment is more of a historical note, because I do not know
if this is still allowed. But when I lived in Menlo Park in the 1980s
I'd see these wierd scrape-offs leaving the foundation and one
room standing - typically a bathroom or pantry. (Like a tornado hit.)
At that time there was a certain minimum of the original
structure remaing that did not trigger a reassment.

  #3  
Old 09-02-2007, 01:18 AM
Mark Bole
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Default Re: Will remodling my home increase my property taxes?

Hubert wrote:

- quote -

> I am going to be doing a complete remodel of my home (in Sacramento,
> CA) which will include a room addition. As I understand it, my
> property will be reassessed with the added square footage which will
> increase my property value and also my taxes. My question is, will
> the other improvements (hardwood floors, new paint, cabinets/counters,
> etc.) also create an increase?


In California assessed value becomes increasingly divergent from market
value from the moment you purchase the property going forward.

For income tax purposes, your basis will increase by the amount that you
spent on additions and improvements. For property tax purposes, I
checked some numbers from a major addition/remodel from ten years ago,
the assessed value went up by about 30% of the total expenditure. No
details of how the increase was calculated were ever provided.

YCMV (Your County May Vary)

-Mark Bole

  #2  
Old 09-01-2007, 04:30 PM
Avrum Lapin
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Default Re: Will remodling my home increase my property taxes?

In article <1188617631.419779.280540[at]w3g2000hsg.googlegroups.com> ,
Hubert <huberttyip[at]yahoo.com> wrote:

- quote -

> I am going to be doing a complete remodel of my home (in Sacramento,
> CA) which will include a room addition. As I understand it, my
> property will be reassessed with the added square footage which will
> increase my property value and also my taxes. My question is, will
> the other improvements (hardwood floors, new paint, cabinets/counters,
> etc.) also create an increase?

Based on my recent experience in San Bernardino County CA and by
knowledge of Prop 13 your other improvements (hardwood floors, new
paint, cabinets/counters) will not trigger a reassessment. You probably
do not need a building permit unless you plan extensive plumbing or
electrical work. The permit rules are governed by your local building
code.

Your room addition will trigger an increase in assessment based on the
number of square feet, whether an additional bathroom is included, and
construction details (siding vs stucco etc).

The assessor gets copies of building permits. When you pull permits, do
not put the "other improvements" on the same permit as your room
addition permit. Your architect or contractor may have advice. The
assessor may work from the permit, the plans, a questionnaire or a drive
by.

  #1  
Old 09-01-2007, 12:39 PM
JANA
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Default Re: Will remodling my home increase my property taxes?

That all depends on the bylaws of where you live. In some cities, from one
zone to another, some of these bylaws can be different. You should go to
your local city hall, and do a formal enquiry.

--

JANA
_____


"Hubert" <huberttyip[at]yahoo.com> wrote in message
news:1188617631.419779.280540[at]w3g2000hsg.googlegroups.com...
I am going to be doing a complete remodel of my home (in Sacramento,
CA) which will include a room addition. As I understand it, my
property will be reassessed with the added square footage which will
increase my property value and also my taxes. My question is, will
the other improvements (hardwood floors, new paint, cabinets/counters,
etc.) also create an increase?

Thanks,
Hubert

 
Old 09-01-2007, 11:29 AM
joeu2004
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Posts: n/a
Default Re: Will remodling my home increase my property taxes?

On Sep 1, 3:21 am, Hubert <hubertt...[at]yahoo.com> wrote:
- quote -

> I am going to be doing a complete remodel of my home (in
> Sacramento, CA) which will include a room addition. As I
> understand it, my property will be reassessed with the
> added square footage which will increase my property value
> and also my taxes. My question is, will the other
> improvements (hardwood floors, new paint, cabinets/counters,
> etc.) also create an increase?


For a dispositive answer, you should contact the Sacramento County
Assessor's Office. The contact information is available on their home
page at http://www.assessor.saccounty.net/index.htm .

Generally, I believe the assessment is based on a drive-by assessment
of the property (i.e. what can be seen from the street) and permits
filed for structural changes, which would include detached structures
in the rear of the house.

Assessed property value is not the same as market value. In
particular, assessed property value is not affected by cosmetic
changes such as new paint and interior changes that do not require
permits (e.g. new or refinished floors and kitchen remodels).

  #-1  
Old 09-01-2007, 10:21 AM
Hubert
Guest
 
Posts: n/a
Default Will remodling my home increase my property taxes?

I am going to be doing a complete remodel of my home (in Sacramento,
CA) which will include a room addition. As I understand it, my
property will be reassessed with the added square footage which will
increase my property value and also my taxes. My question is, will
the other improvements (hardwood floors, new paint, cabinets/counters,
etc.) also create an increase?

Thanks,
Hubert

 

Tags
home, increase, property, remodling, taxes
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