Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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::amyjoy::
I forgot to ask DH about factoring in the land with the assessment and tax calculation so I sent him a text. He responded with an email. I'm just going to c&p it so that nothing gets lost in translation. I forgot about tax abatements. I also suggest looking in to this to see if this applies to your property. When I was working in the field I usually found people had abatements that lasted 7-10 years, so it is definitely worth finding out. It will be applied even if you don't look in to it but you might like to know ahead of time (or not and let it be a fun bonus). Here is DH's respons:
So when you decide to build a house, you first purchase the vacant lot ? say $50,000. The assessment is usually just for the vacant land ? something nominal like $30,000. You pay real estate taxes on this nominal value until the occupancy permit is issued ? this is what triggers the assessor to go out and value the land and building. The occupancy permit is what tells the assessors that the build is now habitable and people can move in. The assessment for the improvement (the house + land) should not be put on the books until after the occupancy permit is issued.
With new construction, there is usually a ?new construction abatement.? This is something that the municipality usually gives to encourage new construction and allows for a ?preferential assessment? for a few years. Only way to know if the municipality gives one of these is to contact them an ask. Usually it allows a reduction in the assessment of the property (land + building) for a period of time (one year or so), giving the property owner the benefit of the doubt and a reprieve from having to pay a huge tax bill all at once after the build is finished.
Re: ::amyjoy::