Question About Taxes - Very Strange

Good morning ladies!!  I was talking to one of our neighbors yesterday and she mentioned something that I have never heard of before and right away, I thought about discussing this with you and seeing if you ladies ever heard of this.


DH and I are slowly, but surely getting things in order around our home.  We have been talking about the outside of our home and what we would like to do. 


Good morning ladies I photo 3290975-1


He wants to get faux stone and put it on the white area of the house, which I just love.  I had brought up the idea of changing the blue on our home to a more neutral color - say tan or something along those lines, because let's face it...I don't really like blue for the outside of a house.  LOL


My neighbor told me that the color of your home can have a determination on your taxes.  Have any of you ever heard of this?


TIA!!!

Posted on February 8, 2012 at 10:28 pm
beccabride
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October9_2010Bride
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I would think so...probably because of energy efficiency.  A lighter color would keep the home cooler in the summer??? Maybe?  It's crazy some of the things you can claim. DH's aunt is a tax preparer.  We claimed a lot of upgrades we did to our house last year.  DH and I bought a new car and truck in 2011 and his aunt told us that we can claim the tax on those too.

Posted on February 9, 2012 at 8:57 am
October9_2010Bride
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October9_2010Bride

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BTW, stone will look amazing on your house!!!  I've been wanting to do it to the front of ours too!

Posted on February 9, 2012 at 8:57 am
beccabride
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That is wild!  I can't wait until that blue is the tan color and with the stones below it, I am going to be sitting outside all day working looking at it.  LOL. 


I'm going to tell DH about this so maybe we can write off some more stuff.  Thanks for the heads up!!!

Posted on February 9, 2012 at 2:25 pm
kristinkay
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I would guess he is referring to property taxes and not income tax. If your home is assessed each year they might up the assessed value and therefore your property tax if you paint the outside.
Posted on February 9, 2012 at 3:02 pm
beccabride
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beccabride

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yes Kristin, they were talking about the property taxes.  : )


I just never heard of paint color changing the assessed value.  That was a new one for me. 


We are also planning on doing some landscaping in the front and now I'm starting to wonder if that will increase the assessed value of the home/property.  Would you ladies have any insight into this.  I would appreciate any assistance.  This is all so new to us. 

Posted on February 9, 2012 at 10:48 pm
October9_2010Bride
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October9_2010Bride

I asked DH last night and he said we got an energy tax credit when we filed last year for getting energy efficient windows...I think new siding falls under that too.


In the past, any improvements made to a home would cause the assessed value to go up...but in our area it's only assessed every 3 years so because of the home values in our area ours went down about 80k and we've put in about 35k in renovations the last 2 years.

Posted on February 10, 2012 at 2:58 am
kristinkay
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It really depends on your state laws. In California it's all based on the purchase price (hence why my dh'a grandma was paying $300 a year on a million dollar home since she purchased it like 50 years ago...) and in Oregon where we live now unless you rebuild your home they can only increase the assessed value like 3% each year. Because of that the value our home is taxed at is about $150k less than the actual assessed value so doing things like painting or some remodels wouldnt change things but we can generally count on it going up those 3% points each year. Things that have a much bigger impact are school bonds and city bonds so I would make sure you know if you have any right and figure out what each thing will cost you each year before you vote!
Posted on February 10, 2012 at 7:36 am

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