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Functional living space is all space finished in the home. When an appraisal is done for mortgage purposes or for any other reason, the appraiser will only utilize the living space "at or above" the front door threshold. Living space below that point is catagorized as finished basement living area and it is calculated at a lower valuation per square foot. The tax assesor in the community where the home is located should use the same formula as an appraiser would utilize for determining the value of the home.If a garage is converted to additional living space, it must be done with the neccessary permits and approval from the municipality. Once the work is done and insepcted officially, the tax assessor will acknowledge that living space as "legal" living space. Of course, the tax assessment will then be adjusted.for the legal living space.3 seasons room are calculated as unfinished at a lower valuation and will not be included in the living space calculationCheck the assessor's record for a more accurate determination of the living area in a home.
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For Sale: $244,900
For Sale: $359,000
For Sale: $800,000