Is it Possible for My In-Ground Pool to Increase My NY Property Taxes?
Yes – Being that an in-ground pool is a permanent concrete fixture to your home, this type of swimming pool can increase the value of your home and subsequently also your property taxes as well. The type of swimming pool that you have, as well as its present condition, do influence the impact it has on the overall value of your property.
In-Ground Swimming Pool
Your in-ground pool increases the value of your home. For instance, according to data from the National Association of Realtors, in-ground swimming pools raised the average value of American homes by up to 8 percent in 2016. The demand for and popularity of swimming pools depends a lot on the different geographic climate conditions across the country, as well as the prevailing trends in the real estate market.
Above-Ground Swimming Pool
Data from the same site also reveals that, unlike in-ground pools, your above-ground pool doesn’t have any impact on the property value of your home. This is because an above-ground pool can be easily removed, replaced and re-installed. In addition, installing an above-ground swimming pool costs far less than installing an in-ground one.
In order for an in-ground swimming pool to add to the property value of your home, you need to maintain it very clean, well-kept and in usable condition all the time. Also, it must have met all the required safety standards before a bank or mortgage lender can issue a loan for your property. Otherwise, it could greatly affect your property value negatively.
Your home’s appraised value can be used to assess real estate taxes on your property. Depending on its state of maintenance, calculating your annual real estate taxes involves your home’s value being multiplied by a certain percentage figure. If your in-ground pool has had any influence on your home’s overall value, that increase is going to be reflected on your property taxes accordingly.
If you think you are overpaying your property tax, be sure to contact The Heller & Causen Tax Grievance Group and request a FREE analysis today! Or click here to simply fill out a Tax Grievance Application. You have NOTHING to lose….except your taxes!