Finished Basement Questions

Got some questions about assessment taxes based on finished basement. Does anyone know how or when Loudoun County process the tax assessment for finished basements?

When do they start the assessment in the following stages?

(1) unfinished basement = no tax assessment for basement

(2) pulled the permits (submit the application) = at this time, the assessment begins and will pay the tax at next payment due time?

(3) performed the permits inspections = at this time, the assessment begins and will pay the tax at next payment due time?

(4) perform the final inspections = at this time, the assessment begins and will pay the tax at next payment due time?

 

I believe it is after the final inspections that it is considered finished space. That said we completed our basement 2 years ago and had the final inspections completed. It shows as completed in their records but we are not being taxed for the extra square footage yet. I'm not complaining considering how much they jacked taxes up this year.

 

We're still waiting for our records to get updated.....we had ours finished in 2004......talk about lost revenue.....

 

We've had everything but the final inspection and just finished our basement this January...when we looked at our assessment, the basement was already included for us....

 

Yeah, I actually called the county when I saw on the website, they didn't even have the full bath or finished square footage (All done by VM) on our house. They fixed it and thanked me for being honest. Hrm. well, i'd rather they know then be surprised later on when it's time to get outta here!

 

Here is my email correspondence with the assessor's office. Essentially their formula for determining livable square footage has to do with how many walls are above grade versus below grade. Crazy formula but I'm not complaning, yet:

>>> DEPT-ASSESSOR-OFFICE_OF_THE_COUNTY_ASSESSOR 11/13/2008 1:35 PM >>>

Ms. Johnson,

The total living area does not include your finished basement.

>>> Rachel Johnson 11/13/2008 12:44 PM >>>

Please see attached. Should this assessment include my basement?


Rachel Johnson
Student Information Supervisor
Loudoun County Public Schools
21000 Education Court
Ashburn, VA 20148
Phone: (571)252-1235
Rachel.Johnson@loudoun.k12.va.us

 

Our basement is completely below ground and and don't think any of it is included in the square footage assessment. I don't remember how much our top two floors is supposed to be. Half the basement was completed by VM and I finished the other half myself. I guess that makes sense if that's the case. I remember there also being some rule about the area over a garage. Everyone has a different set of rules on how to calc square footage.

 

What type of things they looked for during the final inspections?
as compared to the initial inspections, the final spections should be quick since most of the things now are covered up by drywall, right?