|
Tax and Insurance question
07-11-2014, 07:54 PM
|
#1
|
Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
|
Tax and Insurance question
My friend has a bathroom that the county does not know about in his house. If he reports that he has this extra bathroom to the insurance company will the county find out about it?
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
07-11-2014, 07:58 PM
|
#2
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,374
|
Probably not, and at least in my area even if the county did find out about it an additional bathroom would have minimal impact on assessed value and property taxes.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
07-11-2014, 08:02 PM
|
#3
|
Full time employment: Posting here.
Join Date: Jan 2011
Posts: 586
|
Just curious. Why does the insurance company care how many bathrooms you have?
|
|
|
07-11-2014, 08:04 PM
|
#4
|
Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
|
I would guess because they will be the one rebuilding my friend's house if something happens to it. More money to rebuild.
|
|
|
07-12-2014, 07:26 AM
|
#5
|
Thinks s/he gets paid by the post
Join Date: Oct 2008
Location: Naples
Posts: 2,179
|
Quote:
Originally Posted by pb4uski
Probably not, and at least in my area even if the county did find out about it an additional bathroom would have minimal impact on assessed value and property taxes.
|
Cannot agree with your statement, at least in our area of Florida. If the county knew about this bathroom, it would probably add to the assessed value of the residence and thereby trigger an increase of the property tax. What they don't know doesn't hurt you.
|
|
|
07-12-2014, 10:32 AM
|
#6
|
Full time employment: Posting here.
Join Date: Mar 2008
Posts: 800
|
It's unlikely the county will find out, but there could be a problem if he puts the house up for sale. Someone will likely check records and see it's assessed with only one bathroom. They'll then likely check to see if permits were gotten. Worse case is he'll be forced to rip most of it out to make sure it's up to code plus any fines.
Sent from my iPhone using Early Retirement Forum
|
|
|
07-13-2014, 03:22 PM
|
#7
|
Thinks s/he gets paid by the post
Join Date: Jan 2008
Posts: 1,671
|
Quote:
Originally Posted by akck
It's unlikely the county will find out, but there could be a problem if he puts the house up for sale. Someone will likely check records and see it's assessed with only one bathroom. They'll then likely check to see if permits were gotten. Worse case is he'll be forced to rip most of it out to make sure it's up to code plus any fines.
Sent from my iPhone using Early Retirement Forum
|
We live on a waterfront with serious restrictions. You can't do anything that expands the original footprint of the buildings on the lot -- no matter how old. Every once in a while someone gets an idea to add a garage or pool house or something. Then the property sells and the owner has to tear it all down and restore the land. Crazy.
|
|
|
07-13-2014, 05:50 PM
|
#8
|
Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
|
Is this bathroom in the basement and does someone routinely sleep down there? If so is there appropriate egress-ingress access? That could (if true) exacerbate the problem(s). Maybe he should come clean with the County after moving the bed out and the Pool Table in. BTW who put the bathroom in, your friend, or a previous owner? Depending if this is a half or otherwise not too elaborate a bathroom it should not be too hard to "cap" it, remove things and reinstall after getting a permit (if required). Maybe just don't tell anyone (insurance or the county) and if the house has to be replaced (after fire or whatever) get it restored without the "extra bathroom".
__________________
Vietnam Veteran, CW4 USA, Retired 1979
|
|
|
07-13-2014, 09:07 PM
|
#9
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,374
|
Quote:
Originally Posted by JOHNNIE36
Cannot agree with your statement, at least in our area of Florida. If the county knew about this bathroom, it would probably add to the assessed value of the residence and thereby trigger an increase of the property tax. What they don't know doesn't hurt you.
|
Johnnie, read my post again. I said minimal. SCC's tax rates are pretty low as I recall so if the appraised value went up $2k due to the bathroom your annual property tax would go up $25 or so. You gonna sweat about $25?
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
07-15-2014, 09:56 AM
|
#10
|
Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,373
|
Agree very little chance the county would find out. If they did my response to county would be: "Can you believe the insurance co made a mistake and added an extra bathroom? I will have to talk to them and get this straightened out."
__________________
The problem isn't artificial intelligence, it's natural stupidity.
You can't spend yourself to prosperity.
Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
|
|
|
07-15-2014, 10:56 AM
|
#11
|
Full time employment: Posting here.
Join Date: Dec 2006
Posts: 881
|
Quote:
Originally Posted by rec7
My friend has a bathroom that the county does not know about in his house. If he reports that he has this extra bathroom to the insurance company will the county find out about it?
|
Seems your concerns are misdirected. I would not be concerned about the
additional property tax.
My concern, is the bathroom addition built to code. Electrical and plumbing.
If County finds out, and an inspector comes out, , owner will have to
bring violations up to code.
Don't think, if Insurance covers bathroom, County will be notified. Also, in our area, when you sell a house, as long as you disclose a non-permitted addition you are covered.
|
|
|
07-15-2014, 12:18 PM
|
#12
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2009
Posts: 9,343
|
Quote:
Originally Posted by wolf
Seems your concerns are misdirected. I would not be concerned about the
additional property tax.
My concern, is the bathroom addition built to code. Electrical and plumbing.
If County finds out, and an inspector comes out, , owner will have to
bring violations up to code.
Don't think, if Insurance covers bathroom, County will be notified. Also, in our area, when you sell a house, as long as you disclose a non-permitted addition you are covered.
|
Good info..Unfortunately too late for me...About 8 years I had a "jack of all trades" friend finish off 14X25 area in basement with half bath. Thought never occurred to me to tell the city inspector, but I do have it insured. Well, I sure am not saying anything now!
Sent from my iPad using Tapatalk
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|