I think this depends on the jurisdiction. Where I live, an additional bathroom would result in additional property taxes but an additional bedroom or family room wouldn't.What bothers me the most is that the undisclosed improvements should result in additional property taxes but don't. The rest of us that don't cheat pay more than our fair share to make up for it. This seems like tax evasion and there should be penalties. I don't know whether your state (or any state) charges back taxes, penalties and interest, but they should.
Another issue is whether improvements were not disclosed to the insurer in order to save on premiums. This seems like insurance fraud. Again this should result in penalties or non-coverage of claims.
I can't speak to most of the country, but where I live property taxes are very in-congruent. I'll leave it at that.
Statistics: Posted by michaeljc70 — Fri May 31, 2024 11:06 pm — Replies 50 — Views 4337