Buying A Home
jshf
member
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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.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Tax assessment on renovations?
We are looking to buy a home, but are torn between getting a fixer and a move-in ready home. One of the main questions we have is how are taxes going to be assessed on a reno. The area we want to move to has high taxes and sometimes the home we are interested are out of budget because of the taxes. But we are worried that if we buy a fixer, they will assess the house for a lot and then we will be in the same boat of high taxes. If that's going to happen, I'd rather just buy a home that needs only a little repair. Any advice would be appreciated! I live in the Philadelphia area if that makes a difference. Thanks!
Re: Tax assessment on renovations?
You should research the county to see how assessments work and if you can appeal. We bought at a price lower than the assessment so we were able to successfully appeal and reduce our taxes. We are in a low Ptax area so it was only $300/year. We bought a fixer upper and it hasn't changed our assessment yet. We did have to put a value when we applied for a permit so I'm not sure if they will take our current assessment + the value from our permit for a new assessment.
I do have to agree with the pp. if taxes are going to strap you, you might need to reduce your house budget. I would say taxes are more likely to go up steadily over your life in the house.