Quote:
Originally Posted by PsYcNeT
I wonder how much of the "renovation" portion of assessment has to with permitting or not.
When I have reno'd my house over the last 5 years (about 70% completely overhauled by this point), I have applied for about 4 different electrical permits and the subsequent inspections. My home value is about 35k higher than the lot beside mine, which has also done some renos (though less), but their home is about 20% larger, as is their (corner) lot.
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I mentioned this one of the previous years, but when I bought my house, the taxes were quite low, then jumped up like crazy the next year. I phoned in, and they said they noticed a bunch of renovations in the MLS listing that they were not previously aware of, so the assessment went up.
I did a fairly extensive renovation with permits, and the value went up as a result.
TL;DR: I think your suspicion regarding your house vs. your neighbour is correct.