Having a pool at home is a great idea to enjoy at the weekend, and summer could be more interesting. However, the installation and construction usually have high costs. But this is not the biggest drawback.
Having a pool at home can result in higher taxes because they are considered a permanent addition to the house. As a result, the value of the home increases, and taxes increase with it.
Contents
How do property taxes increase for having a pool at home?
The increase in taxes after installing a swimming pool varies according to different factors. One of the most important considerations is the type of pool installed and where it is placed.
To make the proper calculation, an assessor will visit the property to determine the impact the pool has on the home and the amount to be paid. The assessor will appraise the property, and based on the result; the tax can be calculated.
You will compare the house with those around to have a compensating price. In this way, they can have a rough estimate of the property’s market value.
Having these results will be necessary to pay a fraction of the value of the property. The value to be paid will change according to your state. Therefore, knowing the legal regulations of the locality where you live is essential.
The value of taxes on a property with a pool
In the market, there are above-ground pools and in-ground pools; depending on the one installed, the taxes to be paid will be different. Both options require more effort for the installation compared to an above-ground pool.
Due to the complication of installation and the different designs, both above-ground and in-ground pools increase the home’s value. The exact value of the taxes depends on the market you are in and what buyers are looking for.
The value of the tax can be increased by $150 to $400 to obtain an approximate figure. Again, should note that the price changes according to local laws, so you should evaluate the regulations of the city where you live.
Why don’t above-ground pools increase property taxes?
There are two clear reasons why above-ground pools do not increase the value of taxes. For starters, they are movable pools that could be put in and taken out whenever you want.
You can take it with you to install it in the other house when you move house. You only have to remove some nuts and bolts, and that’s it, although it does not happen with in-ground or above-ground pools.
That way, they are considered separate options from the house; that is, they do not value or devalue the price of the residence because they are not part of the land. They also do not require permanent plumbing or sewer service connections.
Taxes are not the only ones that increase due to the swimming pool
We have already understood the reasons and how taxes will increase due to the installation of a pool. However, homeowner’s insurance will also have a considerable increase.
Insurance premiums will increase because the pool is considered an additional risk in the home.
There is a high likelihood of an accident inside the home due to the pool, especially when small children are on the property.
In addition to increasing the likelihood of drowning, there is also the risk of flooding. The insurance increase will depend on the construction and type of pool installed.
Writer and content creator interested in Entrepreneurship, Marketing, Jobs and landlord issues. I have a bachelor’s degree in Communication from the Andrés Bello Catholic University, VE, and I also studied at Chatham University, USA. In this blog I write and collect information of interest around agreements, property and mortgage.