How would my property taxes change if I tore down my existing home and built a new house in its place? Would it make a difference if I tore everything down and left one wall up?
If you built a new house, the entire structure will be considered new construction and will be fully reassessed at current market value. The value added by the new house, less the assessed value of the home torn down, would determine your additional tax burden. To leave one wall standing would make no difference for property tax purposes–essentially, the improvements would be considered all new construction. Only the assessed value of the land would not change. Depending upon the county in which you live, there may be other laws, however, that require you to leave part of the structure standing for various reasons (i.e. a wall or other defining improvement for zoning or permitting purposes). Thus, it is advisable to review other laws or ordinances in your county that may affect you.
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