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Answers (7)
Best Answer
- Jim Stevenson, "therealtorguy"
- Contributions:1111
If finishing your basement increases the value of your house, chances are very good that your property taxes will go up. Especially in this economy when cities are in a cash crunch, they are looking for every extra dollar of revenue.
I suggest you consult with the people of your local government to see what the increase may or may not be. It might not be that bad for the use and enjoyment you will get from the finished space.
I suggest you consult with the people of your local government to see what the increase may or may not be. It might not be that bad for the use and enjoyment you will get from the finished space.
- Julie Nearing, "JulieNearing"
- Contributions:133
Consult the building and tax department for the Town of Farmington.
- Scott Toepfer, "stoepfer13"
- Contributions:6
Check with your local building jurisdictions first to see if a permit is required. If no permit is required, there is really no way for them to know that you have added livable square footage to your home. However, you'll most likely be required to pull a permit so you can expect your taxes to go up accordingly.
- FRAN ROKICKI, "FRAN SELLS CT!"
- Contributions:309
It will increase your town taxes, but, may not increase the value of your home.
- Teresa Sirico, "tsirico"
- Contributions:36
Yes, finishing your basement will increase your taxes. You should have the permits in place. Finishing a basement in a modest mode should not dramatically increase your taxes. Basement space does not have the value that a first floor addition would have.
- Al Zambrello, "apzam"
- Contributions:39
An assessor will increase the value of your assessment
for a finished basement. They will know about this if you
apply for a permit (needed for electrical, plumbing, structural
changes, etc) or by a reinspection. The amount of the
increase will depend upon how extensive the work.
- FriendshipProperties
- Contributions:783
Yes it will.
Will finishing my basement will increase the tax for my house. Farmington, CT.600 out 900 planned.
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