Obviously, some changes you make in any remodel could very well affect your energy bills. Your maintenance or energy costs can increase There have been several more extreme cases of families losing or being forced to sell their homes. Make sure you consider the potential tax implications before applying to be on one of those shows. But let’s say I do a renovation that adds a mere $7,000. Given its current value, according to the simple calculator, I’m going to pay about $2,800 this year. And some of those renovations, like the kitchen, say, can really cost you come tax time because of how much they can increase your home’s value.įor an example, I looked up my home on my city’s local property tax assessment calculator. The people on those shows have to file permits, which is the most common way the tax assessor’s office knows renovations have been done. After that makeover crew is gone, you’ll still have to foot the bill for property tax.
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