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finishing basement
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Author:  johnt8989 [ Wed Nov 15, 2017 10:58 am ]
Post subject:  finishing basement

What are the town of milton regulations around finishing basement?
If this is meant for own use (in-law suite) vs. for rental?

I understand the property tax is hiked, is this only if the basement is for rental or for own use as well?


Lastly, open to recommendations for contractors.

Thanks

Author:  Carl [ Wed Nov 15, 2017 2:47 pm ]
Post subject:  Re: finishing basement

johnt8989 wrote:
What are the town of milton regulations around finishing basement?
If this is meant for own use (in-law suite) vs. for rental?

I understand the property tax is hiked, is this only if the basement is for rental or for own use as well?


Lastly, open to recommendations for contractors.

Thanks


Town of Milton is helpful and your worry about property tax increase, it is very small portion may be depending on the size about couple of hundred dollars extra. The property tax is calculated based on the increase in value as a result of finished basement and not depended on what is the end use.

Author:  Halton Home Inspector [ Wed Nov 15, 2017 4:32 pm ]
Post subject:  Re: finishing basement

Carl wrote:

Town of Milton is helpful and your worry about property tax increase, it is very small portion may be depending on the size about couple of hundred dollars extra. The property tax is calculated based on the increase in value as a result of finished basement and not depended on what is the end use.


Actually property tax increases are generally based on the price homes sell for in a particular neighbourhood / street. Not weather or not a basement is finished or not.

But that is all irrelevant because a razor thin majority of our town counsel think money grows on trees for all to grab. Our municipal taxes went up double the rate of inflation last year and is poised to go up even higher next year.

Author:  Halton Home Inspector [ Fri Nov 17, 2017 12:13 pm ]
Post subject:  Re: finishing basement

Halton Home Inspector wrote:
Carl wrote:

Town of Milton is helpful and your worry about property tax increase, it is very small portion may be depending on the size about couple of hundred dollars extra. The property tax is calculated based on the increase in value as a result of finished basement and not depended on what is the end use.


Actually property tax increases are based on the price homes sell for in a particular neighbourhood / street. Not weather or not a basement is finished or not.

This is why out spendy spendy town counsel now has a windfall of cash to waste, all a result of the crazy market not long ago.

A razor thin majority of our town counsel thinks money grows on trees for all to grab. Our municipal taxes went up double the rate of inflation last year and is poised to go up even higher next year.

Author:  johnt8989 [ Mon Nov 20, 2017 12:42 pm ]
Post subject:  Re: finishing basement

MPAC said the increase in prop tax is based on increased value of house after finishing the basement.
They said there is no way to tell in advance sometimes there is no increase sometimes its upto $30k or $50k etc.

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