When do renovations or additions become assessable for tax purpose?
Properties become assessable when they are substantially completed and suitable for occupancy. It is not necessary to wait for issuance of a Certificate of Occupancy by the Building Department to be considered assessable for taxing purposes. Issuance of Certificates of Occupancy can be considerably delayed by difficulties scheduling inspections, minor items remaining incomplete, etc. Lack of a Certificate of Occupancy does necessarily mean the addition/renovation is incomplete and/or unusable.
