You’re probably thinking, what does property taxes have to do with building my home? In reality, everything. How you build your custom home can affect the total amount paid for property taxes and really ding your wallet. But what should you be keeping an eye out for? Check out these great tips to understanding what can alter your property tax totals for your Memphis area custom home here!
- Have your land assessed: You are likely already paying property taxes on the land that you own. It is good to have your land reassessed every so often for value changes and that often occur in county and state regulations as well as economic influxes. This can possibly create a reduction in your total cost once construction of your home is completed. There are also some tax credits or homestead exemptions that may qualify you for a limited assessed value on the property.
- Have your completed home appraised: If you have a feeling your property taxes may be on the high end, it is usually a good idea to have a appraiser take a look at the house once construction is completed for you to submit information to the county. This can help them see the true value of your home and increase the likelihood of creating fair property tax costs.
- More Bells and Whistles, More Taxes: Be sure to consider how upgrades can affect your property taxes. Here are some examples of additions that can possibly raise your taxes:
- Additional Stories Going Vertical
- Tennis Courts, Basketball Courts, Etc.
- Additional Garages and Carriage Houses
This doesn’t mean you cannot have these things, but they are something to consider when you are designing your custom home. Maybe expand the home horizontally instead of adding an additional story or add guest rooms to your home instead of a carriage house.
How can you figure out what is best for your investment? Meet with a custom home builder who has the experience building these homes and has seen these actions play out. Knowing that you have a builder that will work for your best interests in design and construction can make the entire process more pleasant and fruitful.
Ready to build? MH Akers Custom Homes is the leader in Memphis area custom homes and renovations. MH Akers proudly serves the greater Memphis and Arkansas areas. Contact us today!