×

Go Back

Advice Topics

Top Contributors (View All)

Find a Top Real Estate Agent Near You

Search Now

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 | 90 views | Remodeling | 2 months ago
Answer(3)
Sort By:
profile img
Novice
6 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.
profile img
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.

Are you ready to find a top agent near you?

Browse profiles of the highest ranked agents in your area and find one that meets your specific needs.

Search
profile img
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.

Related Questions

  • Should I replace my hollow doors?

    My house was built in 1934 but someone replaced all the the interior doors with hollow ones, not solid wood. It seems weird in this historic house. Is it worth my money to replace them all before selling? - Rick

    • Asked by Richard Maddses
    • Milwaukee, WI
    • 413 views
    • Remodeling
    • 1 year ago
    6 Answers

  • What updates are worth it?

    We're thinking of selling our condo. There are some things that are outdated or that could be updated. We don't want to waste our money on things that don't matter, but also want our condo to sell for the best possible price. So, what updates are worthwhile?

    • Asked by Hudson A
    • Denver, CO
    • 385 views
    • Remodeling
    • 1 year ago
    8 Answers
Search for Agents by Top U.S Cities
Search for Agents by States
Search for Company by States