When do you start paying property taxes on new construction?

 When do I start paying for property taxes? Normally, property taxes are assessed based on the value, but the new construction process is a little more complicated. We at L&Y tax advisor can help you to understand what is expected and when in terms of property taxes for your new construction.



The Property Tax Schedule for New Construction

The property tax on new construction is usually assessed when the building has been deemed to be "substantially completed." The local tax authority will assess the property's value after the construction has been completed or is close to being finished, taking the upgrades into consideration. The exact timing will vary based on the local laws. Some localities may tax the land immediately after construction begins, while other areas wait for a certificate of occupancy.

You can count on an L&Y tax advisor to help you understand the property tax laws that apply in your locality and the dates when they are due. This will allow you to be prepared in advance.

Construction Tax Credits

New construction can qualify for certain tax exemptions and benefits. Some jurisdictions, for example, offer deferred or abated property tax rates for new construction, particularly for affordable or energy-efficient housing. L&Y's Tax Advisor will help you identify any exemptions or savings that might apply to your home, allowing you to minimise your tax burden.

With the help of L&Y's Tax Advisor, you can easily navigate new property tax laws, and take advantage of all available tax advantages.

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