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Will finishing my basement increase my property taxes?

Will finishing my basement increase my property taxes? We're hoping to finish it, but wondering what kind of financial impact this will have.
Asked By Moni | Galena, IL | 179 views | Remodeling | 5 months ago
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Rising Star
18 Answers
Tom Matthews

Gibson Sotheby's International Realty

(57)

Typically, home property taxes are influenced by finished heated space and yard size. I would say that finishing this space will likely change the value of your home, but if the increased space helps your living situation, then the additional fees would be worth incurring.
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Novice
5 Answers
Jennifer Cartensen

The Real Estate Agency

(59)

I think it depends on the state you are in. I see you are in IL. I lived in IL for 15 yrs. Finished basements that are below ground level I believe is a different answer than having a walk out basement.

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Novice
1 Answer
Lori Grechika

John R. Wood Properties

(7)

Hi, it will increase the value of your home, but it may not affect your property taxes. However, you can always check with your local government office as the assessment process varies widely from state to state and you most likely will need permitting which is a good opportunity to discuss your concerns with your local agency.

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